NAR’s Pending Home Sales Index Shows a Two Month Consecutive Decline in Pending Home Sales Contracts

The National Association of Realtors® (NAR) revealed January’s contract activity in their Pending Home Sales Index (PHSI) yesterday.  The index is released the first week of each month and is considered to be “a leading indicator of housing activity”.  Although the new PHSI reports a two month consecutive decline in pending home sale contracts from December to January, Lawrence Yun, NAR’s chief economist, states, “We should not expect the recovery to be in a straight upward path – it will zig-zag at times.”

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