Monthly Pending Home Sales

Pending Home Sales is the change in the number of homes under contract to be sold, but still awaiting the closing transaction (excluding new construction).  The report is released 35 days after the month it is reported on, hence this report reflects Augusts data.  It is supposed to be a leading indicator of economic health because it has some ripple effects in the economy (possible renovations on unfinished rooms, new furniture, financial transactions & etc).  This is a measure of month over month change.  The forecast called for a 2.8% increase and the actual headline number came in at 4.3%.  This is a second consecutive month of positive growth.  The number of pending homes that actually close is probably something that needs to be tracked, as in our changed reality not all of the closing transactions actually close.