The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade. Month-over-month, only the Midwest saw an increase in pending sales in April, and all regions experienced declines year-over-year.
Next release: Pending Home Sales for May 2022 will be released on Monday, June 27, 2022 at 10:00 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.