The Week Ahead: Pending Home Sales Forecast Future Trends
The National Association of Realtors will release its Pending Home Sales Index at 10 a.m. on Wednesday, February 28. The Pending Home Sales Index tracks sales of existing homes in which a contract has been signed, but the deal is not yet closed. As such, NAR’s Pending Home Sales Index is a top indicator of where housing activity is headed in the weeks and months to come.
In December, Pending Home Sales inched upwards by 0.5 percent, putting the Index also 0.5 percent higher year-over-year. NAR Chief Economist Lawrence Yun said of the December numbers, "Another month of modest increases in contract activity is evidence that the housing market has a small trace of momentum at the start of 2018. Jobs are plentiful, wages are finally climbing and the prospect of higher mortgage rates are perhaps encouraging more aspiring buyers to begin their search now. Sadly, these positive indicators may not lead to a stronger sales pace. Buyers throughout the country continue to be hamstrung by record low supply levels that are pushing up prices — especially at the lower end of the market."
Here’s what else is happening in The Week Ahead:
S&P CoreLogic Case-Shiller HPI, Tuesday, 9 a.m. EST
FHFA House Price Index, Tuesday, 9 a.m. EST
Jerome Powell to testify about the Fed’s semi-annual report on monetary policy and the economy before the House of Representatives, Wednesday, 10 a.m. EST
NAR Pending Home Sales Index, Wednesday, 10 a.m. EST
MBA Mortgage Apps Survey, Wednesday, 7 a.m. EST
Construction Spending Report, Thursday, 10 a.m. EST
Fed Balance Sheet, Thursday, 4.30 p.m. EST