US pending home sales for July +0.9% versus -0.6% estimate

<ul><li>Prior month 0.3% revised to 0.4%</li><li>Pending home sales for July 0.9% versus -0.6% estimate</li><li>Pending home sales index 77.6 vs 76.8 last month.</li></ul><p>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. </p><p>Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" data-di-="data-di-">Existing-Home Sales</a> by a month or two. </p><p>Last month's (June data) increase of 0.3% was the 1st since February. The 2 month increase is the first since Jan-Feb of this year. </p>

This article was written by Greg Michalowski at www.forexlive.com.