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May 2018 Pending Home Sales
- NAR released a summary of pending home sales data showing that May’s pending home sales pace was down 0.5 percent last month and fell 2.2 percent from a year ago.
- Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead existing-home Sales data by 1 to 2 months.
- Three of the four regions showed declines from a year ago. The South was the only region without a decline and sales were flat. The Northeast had the biggest drop in sales of 4.8 percent. The West fell 4.1 percent followed by the Midwest with a decline of 2.5 percent.
- From last month, three of the four regions showed inclines in sales. The South region was the only region with a drop in sales of 3.5 percent. The West rose 0.6 percent followed by the Northeast with a gain of 2.0 percent. The Midwest had the largest increase of 2.9 percent.
- The U.S. pending home sales index level for the month was 105.9. April’s data was revised up to 106.4.
- In spite of the decline, this is the pending index’s 49th consecutive month over the 100 level.
- The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.