The Pending Homes Sales Index (PHSI) is an index created by the National Association for Realtors (NAR) that tracks sales in which a contract has been signed, but the sale hasn’t closed yet.
According to the last PHSI, contracts have increased by 1.6% in December while homes sales are forecasted to increase by 1.7% by 2017.
So what’s the problem? According to NAR’s Chief Economist, Lawrence Yun, “The main story-line in the early months of 2017 will be... sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.”
So get with an agent today to talk about selling your home while the demand is high!