Pending Home Sales Index Point South Towards Cooling Real Estate Market

Today the NAR released the Pending Home Sales Index Charts and the leading indicator of the real estate market appears to point towards a cooling trend. This is the third month in a row that shows a cooling trend with some area's affected more than others. What's is interesting to me is the hottest markets (North East & West) appear to be affected the most while the Midwest is still climbing. Here are some highlights of the seasonally adjusted figures:

Northeast - Down 8.3%
West - Down 5.1%

It will be interesting to keep an eye out on this and watch the upcoming new home sales and existing home sales figures to see what the overall impact will be.

Download the Pending Home Sales Index chart