Headlines this morning trumpet a fall in pending home sales in August. The Pending Home Sales Index is forward-looking indicator based on contract signings; pending sales typically close within 60 days. Here’s another example of where, in real estate, it’s a good idea to look beyond the headlines.
Despite the slight decline from the July figure, the index is above 100 – considered an average level of contract activity – for the fourth consecutive month and is at the second-highest level since last August. (These numbers are seasonally adjusted.)
This is also another lesson in the old adage, “all real estate is local.” All major regions experienced declines except for the West, which rose for the fourth consecutive month. The West, of course, is where Flagstaff, AZ real estate is. Here is a truly local report on Flagstaff home sales.