The Pending Home Sales (PHS) index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops.
The federal government shutdown, limited inventories and falling housing affordability have contributed to home buyers remaining on the sidelines.
About the Index
The Pending Home Sales Index, a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing Home Sales by a month or two.