Recent Updates
- US: Wholesale Trade (Feb), Producer Prices (Mar)
- US: Producer Price Indexes by Commodity Detail (Mar)
- US: Producer Price Indexes by Industry Detail (Mar)
- Canada: Investment in Building Construction (Feb), Labor Force Survey (Mar)
- more updates...
Economy in Brief
U.S. Wholesale Inventories Post Strong February Gain; Sales Fall
Wholesale inventories increased 0.6% (2.0% y/y) during February...
U.S. Initial Unemployment Insurance Claims Unexpectedly Increase
Initial claims for unemployment insurance rose to 744,000 during the week ended April 3...
Total PMIs Gain Traction in March
The PMI readings for March show improvement again...
U.S. Consumer Credit Outstanding Bounces Back in February
Consumer credit outstanding surged $27.6 billion during February...
U.S. Trade Deficit Widens to Record during February
The U.S. trade deficit in goods and services widened to $71.1 during February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller May 31, 2018
The National Association of Realtors (NAR) reported that pending sales of existing homes fell 1.3% (-2.1% y/y) in April to an index level of 106.4 (2001=100). It was the third month of decline and left the index at the lowest level since January. Sales were 5.8% below the peak in March of 2016. The Realtors Association indicated that home demand remained strong, but the number of homes on the market was limited.
Pending home sales in the Midwest declined 3.2% (-5.1% y/y) to nearly the lowest level since April 2014. Pending sales in the West eased 0.4% (-4.6% y/y) to the lowest level since June 2014. In the South, sales declined 1.0% (+2.7% y/y). Meanwhile sales in the Northeast held steady m/m (-7.0% y/y) at the lowest level in three months. They were 10.5% lower than the February 2017 high.
The pending home sales index measures when the sales contract for an existing home is signed, analogous to the Census Bureau's new home sales data. In contrast, the National Association of Realtors' existing home sales data are recorded when the sale is closed. In developing the pending home sales index, the NAR found that the level of monthly sales contract activity parallels the level of closed existing home sales in the following two months. The series dates back to 2001, and the data are available in Haver's PREALTOR database.
Pending Home Sales (SA, 2001=100) | Apr | Mar | Feb | Apr Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total | 106.4 | 107.8 | 107.2 | -2.1 | 108.9 | 110.2 | 108.9 |
Northeast | 90.6 | 90.6 | 96.0 | -7.0 | 97.1 | 96.4 | 97.1 |
Midwest | 98.5 | 101.8 | 98.9 | -5.1 | 104.7 | 107.9 | 104.7 |
South | 127.3 | 128.6 | 125.5 | 2.7 | 123.6 | 123.3 | 123.6 |
West | 94.4 | 94.8 | 95.8 | -4.6 | 99.4 | 102.7 | 99.4 |