The seasonally adjusted Pending Home Sales Index (PHSI), which measures housing contract activity, increased in August by 6.4% compared to July 2009, while the not seasonally adjusted PHSI increased 12.1% compared to August 2008. The index has reached its highest level since March 2007.
PHSI is constructed by the National Association of Realtors (NAR) and is based on signed real estate contracts for existing single-family homes, condos and co-ops.
Alhough the PHSI posted monthly gains in all US regions there were significant variations in terms of the magnidute of these gains.
In particular, the largest increase in pending home sales activity was registered in the West, where the PHSI posted a monthly gain of 16%, while the smallest increase in pending home sales activity was registered in the South where the PHSI posted a monthly gain of only 0.8%. The PHSI in the Northeast and Midwest posted monthly gains of 8.2% and 3.1%, respectively.
Annual changes in the the seasonally unadjusted PHSI ranged from 7.1% in the Midwest to 21% in the West. The PHSI in the Northeast and South posted annual increases of 10.6% and 8.8%, respectively.
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