The Pending Home Sales Index (PHSI) in the United States has experienced a modest increase, rising from 70.2 in July 2024 to 70.6 in August 2024. The data was updated and released on September 26, 2024, indicating a minor yet positive shift in the housing market.
The PHSI measures housing contract activity and is based on signed real estate contracts for existing single-family homes, condominiums, and cooperatives. The uptick to 70.6 suggests a slight improvement in buyer activity after the previous month's level of 70.2.
While the increment is small, it reflects a potential stabilization in the housing market amid fluctuating economic conditions. The PHSI is considered a forward-looking indicator, providing insights into future completed sales, and any rise in the index is often a sign of increased confidence in the market. Analysts and investors will be closely watching upcoming data to see if this trend continues.
