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Pending Home Sales Just Hit a New All-Time High
Wednesday, September 30, 2020
Contracts for existing home purchases
rose for the fourth straight month in August and more than doubled the increase
expected by most analysts. The National Association of Realtors® (NAR) says its
Pending Home Sales Index (PHSI) rose from 122.1 in July to 132.8 in August, an
increase of 8.8 percent. The PHSI, based on contracts to
purchase existing single-family houses, townhouses, condos, and cooperative
apartments, is now at an all time high and is 24.2 percent above its level in
August 2019. The index is also up 44.6 points from the point to which it
plunged in April after the widespread business closures and stay-at-home responses
to the COVID-19 pandemic. Most analysts had looked for a
strong report, but still didn't come close to predicting the actual gains.
Those polled by Econoday had looked for an increase between 2.0 and 4.0 percent
with a consensus of 3.1 percent. Analysts forecasting for Trading Economics had
a consensus increase of 3.4 percent.
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