Each month, NAR compiles data on real estate market activity. We want to introduce you to the Pending Home Sales indicator; we find it useful in understanding activity in the housing market.
This is the NAR description of Pending Home Sales data:
"The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two."
Here is the recap of their most recent report:
"Pending home sales were up slightly in December for the third consecutive month. In 2018, existing-home sales and price growth are forecast to moderate, primarily because of the new tax law’s expected impact in high-cost housing markets."
Take a look at the Pending Home Sales data here>>