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Market Pulse: Sales Signals Continue to Seesaw
Existing-home sales in July rose 3.1 percent to the highest level in five months, though sales have hovered in a relatively narrow range over the past 11 months.
Sales Signals Continue to Seesaw
This increase was predicted by June’s increase in the Pending Home Sales Index. In July, however, the PHSI took a small, 3.2 percent drop. Both indexes have been fluctuating monthly between gains and losses for the last year.
June numbers are adjusted from figures published in September.
Buyers Coming Through
The outlook for buyer traffic continues to increase, although practitioners are divided on whether the trend will continue. Practitioner confidence in seller traffic continues to dip. Practitioners were surveyed in August.
Results are based on 1,432 responses to 3,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.
EHS
5.0 million
Existing-home Sales
Seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.
PHSI
86.5
Pending Home Sales Index The Pending Home Sales Index measures housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year.
Source: NAR Research
You can contact the staff of REALTOR® magazine by e-mail at narpubs@realtors.org.