A new measure of the housing market, reflecting the current level of existing-home sales based on real estate contracts, will be launched next year, the National Association of Realtors announced today at its annual conference and expo. The Pending Home Sales Index will be released during the first week of each month and will be an accurate predictor for the existing-home sales figures reported for that month, said David Lereah, NAR's chief economist. The vast majority of pending sales translate into closed sales within one or two months. "This new index is based on signed real estate contracts, which are pending on transaction closings before they can be counted as sales," Lereah said. "Modeling for the new index has examined the monthly relationship between existing-home sale contracts ...
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