The National Association of Realtors® (NAR) released its February Pending Home Sales Index (PHSI) Monday. The index is a leading indicator for the housing sector; it measures sales activity based on sales of single-family homes, coops and condos where contracts have been signed but the transactions have not closed.
According to the data, pending home sales increased in February but with notable regional variations. The national Index rose 2.1 percent to 90.8 in February compared to 88.9 in January. This, however, is a drop of 8.2 percent from the Index figures in February 2010.
Data comes from a large national sample which represents about 20 percent of existing-home sale transactions. The index is derived from a base of 100 representing the average level of contract activity during 2001, the year the index was established. NAR notes that base year coincided with the first of five years of notable health in the real estate industry. The February Index figure indicates that sales contracts were signed at 90.8 percent of the level of that initial year.
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Source: http://www.mortgagenewsdaily.com/03282011_nar_pending_home_sales.asp
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