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The Pending Home Sales Index (PHSI) measures the change in the number of homes under contract to be sold but not yet closed during a given month, compared to the same month in the previous year.
The PHSI is important because it is a leading indicator of the housing market's health and the overall economy. It provides insight into the demand for housing and can give an indication of future home sales activity, as pending sales typically become closed sales within one to two months. A rising PHSI suggests that there is strong demand for homes, which can lead to higher home sales and prices in the future. Conversely, a decline in the PHSI may indicate a slowdown in the housing market, which can have negative implications for the broader economy.
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