Pending Homes Sales Index Improves

MHProNews has learned from HousingWire the National Association of Realtors (NAR) says its pending home sales index (PHSI) rose 1.5 percent to 105.7 in March after sliding 0.4 percent in Feb., but the index is seven percent above the 98.8 reading in March 2012. The index is based on 2001 as the benchmark when the rating began, and equals the average level of contract activity at that time. Lawrence Yun, chief economist for NAR, predicts existing home sales will rise 6.5 to 7 percent this year, which approaches the five million mark. Regionally, the Northeast posted a PHSI rate 6.3 percent higher than March 2012, but unchanged from the previous month at 82.8. In the Midwest the number rose 0.3 percent from Feb. and 13.7 percent over last March. The South has the highest index of all at 120—it climbed 3.7 percent from Feb. to March of this year and is 13.7 percent better than March 2012. The West rose 1.5 percent March over Feb. 2013, but it is 4.3 percent lower than March 2012.

(Photo credit: Paul Sakuma/AP photo)

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