Pending home sales index reaches record high in U.S.
Each of the four major regions experienced growth in month over month and year over year pending home sales transactions.
The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 8.8% to 132.8 a record high in August.
Year over year, contract signings rose 24.2%.
An index of 100 is equal to the level of contract activity in 2001. ■