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Economy in Brief

U.S. Pending Home Sales Recover
by Tom Moeller  June 27, 2012

The National Association of Realtors (NAR) reported that pending sales of single-family homes rose 5.9% last month and reversed the April decline. Sales have risen one-third versus the 2010 low. Nevertheless, the sales index level of 101.1 was down roughly 25% versus the April 2005 peak.

Sales rose last month across the country led by a 14.5% rise (4.8% y/y) in the West followed by a 6.8% increase (22.1% y/y) in the Midwest. In the Northeast, sales increased 4.8% (19.8% y/y) and rose 1.1% (11.9% y/y) in the South.

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 are available in Haver's PREALTOR database.

Housing Bubbles and Homeownership Returns from the Federal Reserve Bank of San Francisco can be found here .

 

Pending Home Sales (2001=100) May Apr Mar Y/Y % 2011 2010 2009
Total 101.1 95.5 101.1 13.3 90.3 89.2 94.7
Northeast 82.9 79.1 78.2 19.8 68.0 70.9 76.8
Midwest 98.9 93.0 93.3 22.1 81.6 79.9 88.9
South 106.9 105.7 113.4 11.9 98.3 97.0 98.4
West 108.7 94.9 107.8 4.8 104.2 100.8 109.2
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