Forecast: Existing Home Sales May Recover in Second Half

摘要

The National Association of Realtors is forecasting a recovery in existing-home sales in the second half of the year, with "modest near-term movement." The group's Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from 88.9 in April. It remains 14 percent below May 2007. "The overall decline in contract signings suggests we are not out of the woods by any means," said Lawrence Yun, NAR chief economist. The PHSI in the West slipped 1.3 percent to 97.5 in May but is 2 percent higher than May 2007. In the Northeast, the index declined 2.9 percent to 77.0 in May and is 16.4 percent below a year ago. The index in the Midwest fell 6 percent to 78.6 and is 13.8 percent below May 2007.