Tracks residential housing contract activity of existing single-family homes. The Pending Home Sales report is an advanced read on trends in the US housing market. Housing is typically correlated to the overall state of the economy; particularly indicative of economic turning points. A sharp drop in housing demand typically acts as a warning signal of economic slowdown as buyers are reluctant to purchase houses when interest rates are high, disposable income is low, or consumer confidence is low. Conversely, a rebound in the housing market is often a leading indicator of an economic recovery.
The report headline is expressed in percentage change in pending home sales from previous month.
Relevance: Rarely affects markets Release schedule : 10:00 AM (EST); monthly, 4 weeks after reporting month Source of report : National Association of Realtors Web Address : http://www.realtor.org| Address of release : http://www.realtor.org/Research.nsf/Pages/PHSdata
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