The Pending Home Sales Index increased for the fifth straight month to the highest level in over nine years. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by theNational Association of Realtors (NAR), increased 0.9% in May to 112.6, and climbed to 10.4% above the May level a year ago.
Regionally, the May PHSI increased 6.3% in the Northeast and 2.2% in the West. However, the May PHSI declined slightly by 0.6% in the Midwest and 0.8% in the South. Year-over-year, the PHSI was up 13.0% in the West, 10.6% both in the Northeast and South, and 7.8% in the Midwest.