The National Association of Realtors is forecasting a recovery in existing-home sales in the second half of the year, with modest near-term movement.”
The group’s Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, fell 4.7% to 84.7 from 88.9 in April. It remains 14% below May 2007.
“The overall decline in contract signings suggests we are not out of the woods by any means,” said Lawrence Yun, NAR chief economist.
The PHSI in the West slipped 1.3% to 97.5 in May but is 2% higher than May 2007. In the Northeast, the index declined 2.9% to 77.0 in May and is 16.4% below a year ago. The index in the Midwest fell 6% to 78.6 and is 13.8% below May 2007. In the South, the index dropped 7.1% in May to 84.5 and is 22.1% …
Forecast: Existing Home Sales May Recover in Second Half
The National Association of Realtors is forecasting a recovery in existing-home sales in the second half of the year, with modest near-term movement.”
The group’s Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, fell 4.7% to 84.7 from 88.9 in April. It remains 14% below May 2007.
“The overall decline in contract signings suggests we are not out of the woods by any means,” said Lawrence Yun, NAR chief economist.
The PHSI in the West slipped 1.3% to 97.5 in May but is 2% higher than May 2007. In the Northeast, the index declined 2.9% to 77.0 in May and is 16.4% below a year ago. The index in the Midwest fell 6% to 78.6 and is 13.8% below May 2007. In the South, the index dropped 7.1% in May to 84.5 and is 22.1% …
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