US home sales are likely to continue their rising momentum according to the just released Pending Home Sales Index (PHSI) for October 2009 by the National Association of Realtors (NAR).
Pending home sales is a leading indicator of home sales activity as it reflects signed contracts for existing single-family homes, condos and co-ops. Signed contracts do not represent closed transactions but provide indications about the number of home sales transactions that will close ahead.
The PHSI continued rising in October 2009 for the ninth month in a row, signaling that upcoming home sales are very likely to continue rising on a monthly basis. In particular, the national seasonally adjusted PHSI registered in October a monthly increase of 3.7% and a year-over-year increase of 31.8%.
Given the regional indices, home sales are likely to continue their rising momentum in all US regions except the West. The PHSI registered widely varying monthly increases of 19.9%, 11.6% and 5.4% in the Northeast, Midwest and South, respectively, but registered a monthly drop of -11.2% in the West.
On a year-over-year basis, the PHSI registered very strong increases ranging from 21.9% in the West to 44.2% in the Northeast. The PHSI in the Midwest and South posted year-over-year increases of 36.6% and 31.6%, respectively.
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