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Economy in Brief

U.S. Pending Home Sales Recover To Highest Since 2010
by Tom Moeller  February 27, 2013

Pending sales of single-family homes jumped 4.5% (9.5% y/y) last month after a revised 1.9% December decline, according to the National Association of Realtors (NAR). Earlier figures were revised. The sales rebound in the aftermath of the removal in 2010 of the home buyers tax credit has raised home sales by more than one-third from the low.

The jump in sales last month spread across the country. It was led by an 8.2% rise (10.6% y/y) in sales in the Northeast. Sales in the Midwest rose 4.5% (17.7% y/y) and sales in the South increased 5.9% (11.3% y/y). Sales in the West lagged with a 0.1% uptick and were down 1.5% 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) Jan Dec Nov Y/Y% 2012 2011 2010
Total 105.9 101.3 103.3 9.5 100.3 90.2 89.1
Northeast 84.8 78.4 81.1 10.6 79.1 67.9 70.9
Midwest 105.0 100.5 100.2 17.7 95.9 81.5 79.8
South 119.3 112.7 115.9 11.3 110.7 98.3 97.0
West 102.1 102.0 104.0 -1.5 105.0 104.1 100.7
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