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.
With a growing economy, job creation, and low interest rates, home sales are expected to rise. But the typical business activity of a REALTOR® will be falling as the autumn approaches.
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.
Video: PHS Up in July
Lawrence Yun talks about job creation, interest rates, inventory, and other factors influencing the housing market right now, and gives a forecast for the next 6-12 months. Watch the video to learn more.