New contracts are a leading indicator of home sales, meaning a study of contracts gives you an earlier insight into housing market activity than you could gain by studying lagging indicators, such as home sales.
The typical residential real estate contract takes 30 to 45 days to close and often takes additional time to post, so we gain two or more months of insight when we study housing contracts versus the study of home sales. Here's what the market is telling us today:
Pending Home Sales Report (VIDEO)
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