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The National Association of Realtors® released its monthly Pending Home Sales Index today.

Listen to NAR’s chief economist talk about what the statistics mean in this 3 minute video. The Pending Home Sales Index is a forward-looking real estate market indicator based on contract signings. Nationally, the PHSI declined for the eighth straight month in a row, reaching a low point where it has not been since October 2011.

All real estate is local and there are regional variations in the Pending Home Sales Index. Modest increases in the Midwest and West were offset by declines in the Northeast and South. In other words, our region is better off than much of the rest of the country. Nonetheless, all regions are below a year ago.

Flagstaff pending home sales actually looked strong compared with recent closings in the latest Flagstaff home sales monthly report. If all those Flagstaff contracts close, we’ll have a strong couple of months. Lack of inventory here is discouraging home buyers, as elsewhere in the country.

Here’s the full Pending Home Sales Index report from the National Association of Realtors.®