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Pending Home Sales Drop for Fifth Consecutive Month

By Dale Oviatt posted 11-30-2022 04:32 PM

  

NAR's Pending Home Sales Index decreased 4.6% to 77.1 in October



Pending home sales slid for the fifth consecutive month in October, according to the National Association of Realtors (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, sank 4.6% to 77.1 in October. Year over year, pending transactions slipped by 37%. An index of 100 is equal to the level of contract activity in 2001.


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Craig Turner
12-01-2022 09:47 AM

This is an area of disagreement between myself and other executives: they think this will be a short and mild downturn...I do not.  Time will tell who is correct.

Sean Wilhelm
12-01-2022 08:31 AM

That ending quote though .....

"The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November," continues Yun.

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