The Pending Home Sales y/y indicator reflects the number of home sales contracts signed in the given month as compared to the same month of the previous year. The calculation includes signed contracts for the sale of existing single-family houses, apartments, condos and cooperatives.
The report is published by the US National Association of Realtors. The detailed version features both absolute number of units sold and evaluation in monetary terms (average sales prices by geographic regions). Data are provided for four geographical regions: Northeast, Midwest, South and West. The indicator is seasonally adjusted.
Since a contract completion takes an average of 6 to 8 weeks, Pending Home Sales is a leading indicator of the US housing market, which provides a two-month early estimation. The indicator allows forecasting the value of another important index, Existing Home Sales.
Analysts appreciate the index for the large sample size (covering the whole territory of the country) and for information on apartments provided in addition to single-family houses, which gives a greater objectivity in assessing the housing market, than for example Housing Starts. The indicator characterizes the strength of the housing market and its aggregate demand. It also enables an indirect medium-term prediction for the sales dynamics of related products, such as housing insurance or household goods.
Indicator growth can have a positive effect on USD quotes.
The chart of the entire available history of the "United States Pending Home Sales y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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