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REALTOR® EmeritusRELATED ARTICLES
Sales Hang in 5 Million Range
Existing single-family home sales dipped in October as problems in the financial markets took their toll.
But NAR’s forward-looking pending home sales indicator, while down narrowly for October, suggests a stabilizing outlook. The EHS sales pace was 4.98 million units, down 3.1 percent from 5.14 million* in September. The pending home sales index dipped to 88.9 from 89.5* in September.
*September numbers are adjusted from figures published in December.
EHS
4.98 million
PHSI
88.9
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.
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.
Robert Freedman is a senior editor of REALTOR® magazine. He can be contacted at rfreedman@realtors.org.