Recent Updates

  • New Zealand: ANZ-Roy Morgan Consumer Confidence (Sep), Building Consents Issued (Aug)
  • US: GDP & Corporate Profits with Revisions (Q2-3rd Rel)
  • Canada: Payroll Employment (Jul), CFIB Business Barometer (Sep)
  • more updates...

Economy in Brief

U.S. Pending Home Sales Ease
by Tom Moeller  April 27, 2017

The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March to an index level of 111.4 following a 5.5% rise. The decline followed a 5.5% February increase that was strengthened by warm weather. The index is reported on a 2001=100 basis.

The pending sales figures exhibited mixed performance across regions. The index in the Northeast declined 2.9% after a 3.4% February gain. In the West the index also fell 2.9%, reversing all of the prior month's rise. The index in the Midwest eased 1.2% following an 11.5% rise to the highest level since last March. To the upside, the index for the South increased 1.2% to the highest level since March 2006.

The pending home sales index measures home sales when the sales contract is signed, analogous to the new home sales report. In contrast, existing home sales 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.

Measuring Interest Rate Risk in the Very Long Term from the Federal Reserve Bank of San Francisco is available here.

Pending Home Sales (SA) Mar Feb Jan Mar Y/Y 2016 2015 2014
Total 111.4 112.3 106.4 0.8 109.8 108.8 101.2
Northeast 99.1 102.1 98.7 1.8 96.3 90.7 83.9
Midwest 109.6 110.9 99.5 -2.4 107.3 107.1 100.3
South 129.4 127.9 122.5 3.9 122.8 123.0 115.5
West 94.5 97.3 94.6 -2.7 102.5 102.4 93.1
large image