Pending home sales refer to the number of homes under contract to be sold, but that have not yet closed. It is a forward-looking indicator of the housing market activity, as it reflects the level of demand for homes and the willingness of buyers to enter into a contract to purchase a property.
The National Association of Realtors (NAR) releases a monthly report on pending home sales in the United States, which tracks the number of signed contracts for existing homes, condos, and co-ops. The report provides insights into the strength of the housing market and the potential for future home sales. When pending home sales are high, it suggests that the market is strong and that there may be a rise in closed sales in the coming months. Conversely, when pending home sales are low, it may indicate a slowing housing market.
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