US PENDING HOME SALES September 2009

US Pending home sales maintained rising momentum for eighth consecutive month in September 2009, according to the latest data released by the National Association of Realtor (NAR).

The Pending Home Sales Index (PHSI) published by NAR is a leading indicator of housing activity as it is based on signed real estate contracts for existing single-family homes, condos and co-ops. However, a signed contract is not considered as a sale until the transaction closes.

According to the just released data by NAR, the seasonally adjusted annual rate of US pending home sales in September 2009 posted a monthly increase of 6.1%, following the momentum of the past seven months. Note that in August and July of 2009 the PHSI posted monthly increases of 6.4% and 3.2%, respectively.

It should be noted though that the national aggregate trend in US pending home sales does not reflect the trends in all regions. In particular, pending home sales in the Northeast posted actually a monthly drop of 2%.

Pending home sales in the other three US regions increased in September 2009 with the West posting the largest monthly increase of 10.2% following a 16% increase in August.

The Midwest posted the second best performance in terms of pending home sales, which increased by 8.1% in September 2009. Pending home sales in the South increased as well by 4.9%.

On a year-over-year basis, US pending home sales (not seasonally adjusted) posted a double-digit increase of 19.8%. The West and South were the best performing regions with year-over-year gains of 25.9% and 20.4%, respectively, while the Northeast and Midwest posted annual gains of 13.7% and 15.2%, respectively.

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US Pending Home Sales Maintained Rising Momentum for Eighth Consecutive Month