January’s New Home Pending Sales Index from Meyers Research, out Monday, shows that new home contracts are 13.1% stronger than last year and 3.6% higher than two years ago after adjusting for supply and seasonality. When looking at the month in isolation, the latest read captures the best January so far this cycle.
The Index came in at 118.4 for January. On a month-over-month basis, new home sales increased by 0.8% between December 2019 and January 2020.
The Meyers Research New Home Pending Sales Index (PSI) is built on proprietary data that covers 60% of the production new home market across the United States. Reported number of new home pending contracts are gathered and analyzed each month. Released on the 15th business day of each month, the New Home PSI is a leading indicator of housing demand compared to closings because it is based on the number of signed contracts at a new home community. Meyers Research monitors 18,000 active communities in the country and the homes tracked can be in any stage of construction.
