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Economy in Brief

U.S. Pending Home Sales Improve
by Tom Moeller September 2, 2010

The National Association of Realtors (NAR) reported that pending sales of existing single-family homes improved during July. A 5.2% m/m rise brought them to the highest level since April after which they fell sharply with the removal of the government's $8,000 tax credit for first-time home buyers. The latest rise compared to Consensus expectations for a 1.3% decline.The m/m gain in home sales resulted from modest rebounds across the country.

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)  July June May Y/Y % 2009 2008 2007
Total 79.4 75.5 77.7 -19.1 95.1 86.9 95.9
  Northeast 62.5 58.8 67.0 -21.1 76.7 73.0 86.1
  Midwest 66.7 64.1 70.8 -25.7 88.8 80.7 89.6
  South 86.3 85.3 82.7 -15.6 98.9 90.3 107.4
  West 95.0 85.1 85.3 -17.6 109.9 99.2 92.1
 
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