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Economy in Brief

U.S. Pending Home Sales Slip Versus May and Slide Versus April
by Tom Moeller August 03, 2010

The National Association of Realtors (NAR) reported that pending sales of existing single-family homes fell again during June. The 2.6% m/m drop left them down roughly one-third versus April. Home buying activity still seems to be suffering with the removal of the government's $8,000 tax credit for first-time home buyers. The decline was nearly double the Consensus expectation.

The m/m decline in home sales owed to steep declines in the Northeast and Midwest regions of the country. In the South and Western regions sales ticked up m/m but, everywhere, remained off sharply from last year's peaks.

Pending home sales figures are analogous to the new home sales data from the Commerce Department in that they measure existing home sales when the sales contract is signed, not at the time the sale is closed. The series dates back to 2001 and the data is available in Haver's PREALTOR database.

Pending Home Sales (2001=100)  June May April Y/Y % 2009 2008 2007
Total 75.7 77.7 110.9 -18.6 95.1 86.9 95.9
  Northeast 58.8 67.0 97.9 -25.5 76.7 73.0 86.1
  Midwest 64.1 70.8 104.3 -27.8 88.8 80.7 89.6
  South 85.8 82.7 123.6 -13.3 98.9 90.3 107.4
  West 85.1 85.3 107.9 -14.2 109.9 99.2 92.1
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