The Pending Home Sales Index (PHSI) is an index reported by the National Association of Realtors (NAR) whose purpose is to look toward the future based on the amount of signed contracts for new homes. The PHSI is up year over year by about 5.8 percent, but has been trending downwards for the last three months. The last reported month is August, which fell 1.6 percent to 107.7. This number reflects a combination of four different regions: the Northeast, Midwest, South, and West. The PHSI actually rose in the Northeast by 4 percent, but fell in all three other regions by as much as 3.5 percent.
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