US DATA: Nov NAR Pending Home Sales Index +7.3% to 100.1 vs 93.3r
in Oct. This is its highest level in 19 mos and its best level since
Apr’10 when there was a homebuyer tax credit; index is +5.9% YOY. NAR
said the gains may result partially from delayed transactions (rejected
buyers recommitting) and from pent-up demand. Implies existing home
sales should continue to improve ahead, NAR added, and pending index was
NOT affected by recent rebenchmarking of existing-homes “because pending
index uses a different methodology based directly on contract signings.”
All areas rose: PHSI in the Northeast rose 8.1 percent to 77.1. Midwest
index increased 3.3 percent to 91.6. South rose 4.3 percent to 103.8.
West index surged 14.9 percent to 121.2.