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Economy in Brief

U.S. Pending Home Sales Fall Back
by Tom Moeller  September 27, 2012

Pending sales of single-family homes fell 2.6% last month and reversed the July gain, according to the National Association of Realtors (NAR). Sales have risen nearly one-third from the 2010 low.

Sales drooped last month across most of the country led by a 7.2% decline (-4.2% y/y) in the West. Sales in the Midwest followed with a 2.6% drop (+19.9% y/y) while sales in the South fell 1.1% (+13.2% y/y). Home sales in the Northeast ticked up 0.9% (19.9% y/y).

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.

 

Pending Home Sales (2001=100) Aug Jul Jun Y/Y% 2011 2010 2009
Total 99.2 101.9 99.3 10.7 90.3 89.2 94.7
Northeast 78.2 77.5 76.6 19.9 68.0 70.9 76.8
Midwest 95.0 97.5 94.2 19.9 81.6 79.9 88.9
South 110.4 111.6 106.2 13.2 98.3 97.0 98.4
West 102.5 110.4 111.8 -4.2 104.2 100.8 109.2
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