August Pending Home Sales - Business Insider

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UPDATE:?Pending home sales fell 2.6 percent in August from the previous month, missing economists' expectations of a 0.3 percent rise.

Last month's figure was revised up slightly to 2.6 percent from 2.4 percent.

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Pending home sales rose 9.6 percent year-over year, down from last month's rise of 15.2 percent and missing estimates of 13.5 percent.

NAR said that "contract activity in July 2012 was at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit."

More from the report:

Existing-home sales this year are expected to rise 9 percent to 4.64 million, and gain another 8 percent in 2013 to nearly 5.02 million. With generally balanced inventory conditions in many areas, the median existing-home price is projected to rise about 5 percent in both 2012 and 2013.

The PHSI in the Northeast rose 0.9 percent to 78.2 in August and is 19.9 percent above August 2011. In the Midwest the index declined 2.6 percent to 95.0 in August but is also 19.9 percent higher than a year ago. Pending home sales in the South slipped 1.1 percent to an index of 110.4 in August but are 13.2 percent above August 2011. With broad inventory shortages in the West, the index fell 7.2 percent in August to 102.5 and is 4.2 percent below a year ago.

Housing starts are forecast to stay on an uptrend and reach 1.12 million next year, but will remain well below long-term underlying demand with builders facing obstacles in obtaining construction loans.

Growth in the Gross Domestic Product should be 2.5 percent in 2013.

Here is the full report from NAR >

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ORIGINAL:?The next big datapoint out of the U.S. this morning is pending home sales at 10:00 AM ET.

Economists polled by Bloomberg expect a rise of 0.3 percent in August from the previous month, slowing from last months rise of 2.4 percent.

Likewise, the year-over-year growth rate in pending home sales is expected to decline to 13.5 percent from 15 percent last month.

We will have the numbers here LIVE at 10:00 AM ET.

GARY SHILLING: Here's Why There's No Housing Recovery And Prices Will Collapse Another 20% >

Source: http://www.businessinsider.com/august-pending-home-sales-2012-9

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