December 2012 Pending Home Sales Index Shows Slowdown
From Econintersect Combined RSS Feed
January 28, 2013 - 10:16am
Written by Steven Hansen
The December 2012 pending home sales index released by the National Association of Realtors (NAR) was released today, and our analysis suggests:
Econintersect's uses the December pending home sales data to forecast the January 2013 home sales - and our January 2013 forecast is 265,000 (see details below);
If this 265,000 historical correlation is correct, this would only be a 1.1% gain year-over-year in January existing home sales, but still the 19th month in a row of year-over-year gains.
Unadjusted actual December existing home sales were down 8.0% month-over-month, Up 6.9% year-over-year. The rate of growth in 2012 was flat - in other words the growth rate is remaining inside a channel neither accelerating or decelerating.
The NAR reported the January pending home sales index down 4.3% month-over-month and up 6.9% year-over-year, while the market was e...
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