EHS

4.49 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

82.3

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.

Sales Weakness Persists

After a period of stabilization, existing single-family home sales dropped in November due to economic concerns and tight credit. The EHS sales pace was 4.49 million units, down 8.6 percent from 4.91 million* in October. More tough times are ahead, with NAR’s forward-looking index for November showing a decline. The Pending Home Sales Index dipped to 82.3 from 85.7* in October.

*October numbers are adjusted from figures published in January.

Girding for Tough Conditions

Practitioners’ expectations for sales activity over the next six months remain weak. The Realtors® Confidence Index for December reveals that confidence in buyer traffic remains down, but practitioners are more hopeful that sellers will enter the market.

Results are based on 1,549 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.

Source: NAR Research