Pending Home Sales Index is Housing’s Strongest Indicator

Throughout housing’s blotchy recovery, real estate reporter Jonathan J. Miller writes that the pending home sales index is “one important indicator [that] looks really strong.”

The index, published by the National Association of Realtors, reflects contracts signed for purchases of single-family homes, co-ops, and condos.

In March, the index posted a reading of 132.2, which is a 13.4 percent increase from the year earliers, and the second highest level since the financial crisis began.

According to Miller, as the pending home sales index points to liftoff, this suggests that the market will see bigger, sustainable price gains for 2016.

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