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.
Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement.
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. The PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years. A signed contract is not counted as a sale until the transaction closes.