Here’s the regional breakdown, straight from the report:
- The PHSI in the Northeast remained at 90.6 in April and is 2.1 percent below a year ago.
- In the Midwest the index decreased 3.2 percent to 98.5 in April and is 5.1 percent lower than April 2017.
- Pending home sales in the South declined 1 percent to an index of 127.3 in April but is still 2.7 percent higher than last April.
- The index in the West inched backward 0.4 percent in April to 94.4 and is 4.6 percent below a year ago.
NAR uses a large national sample of signed residential property sale contracts to build its monthly pending home sales index. The sample size typically represents about 20 percent of transactions for existing-home sales.
The index level was benchmarked to 100 in 2001, which was the first year to be examined. Existing-home sales in 2001 were in the 5 million to 5.5 million range, which is considered normal for the population in the U.S.