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Pending Home Sales Index Down after 5 Consecutive Months of Gains

Is This the Right Time to Buy Homebuilders?

(Continued from Prior Part)

The pending home sales index slips in June

Reported in June 2015, the latest PHSI (pending home sales index) came in at 110.3, or 1.78% lower than in the previous month. It remains up by 8.2% over pending sales a year ago. The decline in June comes after five straight months of gains.

Rising prices are beginning to take a toll on US homebuyers. In recent months, competition for existing houses on the market remained stiff, as low inventories in many markets reduced choices and pushed up prices, depressing consumer confidence.

Defining PHSI

The pending home sales index, or PHSI, is an index created by NAR...