US pending home sales for July +0.9% versus -0.6% estimate

• Prior month 0.3% revised to 0.4%
• Pending home sales for July 0.9% versus -0.6% estimate
• Pending home sales index 77.6 vs 76.8 last month.

The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops.

Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.

Last month’s (June data) increase of 0.3% was the 1st since February. The 2 month increase is the first since Jan-Feb of this year.