Pending Home Sales Index

Who: National Association of Realtors

When: First week of every month

What: This new index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the new index looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.

Why: It is designed to be a leading indicator of housing activity. Greater housing sector activity indicates a stronger economy, which is generally negative for MBS markets.