Pending Home Sales Slip In May
The housing market took a breather in April.
After forging past its benchmark value of 100 in March, April’s Pending Home Sales Index dropped back to 95.5, its lowest reading of the year. The data suggests fewer home resales throughout Worcester County area and nationwide in the months ahead.
A “pending home” is a home under contract to sell, but not yet closed. The Pending Home Sales Index is tracked and published monthly by the National Association of REALTORS®.
As a housing market indicator, the Pending Home Sales Index is fundamentally different from other housing metrics which often make headline news.
Unlike the Existing Home Sales report, for example; or the New Home Sales report, the Pending Home Sales Index is purported to be predictor of future housing market performance. It measures the number of homes (more…)