The US Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI fell -1.5% from 105.9 in March to 104.3 in April, and was still -2% below the level of one year ago, marking the sixteenth straight month of declines on an annualized basis. After a large gain in March, pending home sales slightly dropped in April.
US Pending and Existing Home Sales: April 2019
Moderate home prices and stabilized builder confidence also provide favorable conditions for the housing market. The Case-Shiller U.S. National Home Price Index continued a slow growth pace in March. Meanwhile, builder confidence rose three points to 66 in May, the highest level since October 2018, reflecting solid demand even though affordability concerns persist.