The National Association of Realtors’ index for pending U.S. home resales fell 3.2% in July (10.6% in the West).
The pending resales report is considered a leading indicator because it tracks contract signings. Closings, which typically occur a month or two later, are tallied in a separate report from the Realtors.
That being said, keep in mind that seasonality is very much in play (and pending resales were not down YOY in the West).
∙ U.S. Pending Home Resales Decline More Than Forecast [Bloomberg]