Pending Home Sales: PHS Index +1.4% MoM, +3.2% YoY

Research evidence excerpt

Pending Home Sales: PHS Index +1.4% MoM, +3.2% YoY

Homebuilders & Building Products

May 19, 2026

Pending Home Sales: PHS Index +1.4% MoM, +3.2% YoY Exhibit 1 - 2 Year Pending

Home Sales

80 10%

8%The Wolfe Byte 7978 6%

77 4%

2%April PHS increased +1.4% MoM to 74.8, which was marginally better than the 7675 0%

74 -2%

-4%+1.0% Consensus expectation. Click here for our PHS downloadable dataset. 7372 -6%

71 -8%

70 -10%

PHS YoY % ChangeThe April Pending Home Sales Index increased +1.4% sequentially and +3.2% YoY.

PHS have improved sequentially each month in ’26. On an absolute basis, the PHS Source: Wolfe Research, NAR

Index is at its highest level since November ’25 (77.2) with April +1.6% above the

73.6 ’25 average. Appreciating mortgage rates averaged ~6.3% in April compared to

~6.2% in March and ~6.1% in January, we obviously view improved resale activity

favorably, acknowledging the recent spike in rates could impact sales pace moving

forward. Trevor Allinson, CFA

tallinson@wolferesearch.com

PHS is a leading Indicator of Existing Home Sales. The correlation (starting Jan '10) (636) 338-1466

between EHS YoY % change and PHS YoY % change (leading by one month) is 88%, View Trevor’s Research

which suggests some sequential improvement on a seasonally adjusted basis in the View Comp Table Download PHS Data

coming months. See page 2 for PHS Charts.

Paul Przybylski

Not Seasonally Adjusted PHS increased+3.3% YoY, but declined -2.2% MoM, pprzybylski@wolferesearch.com

(636) 338-1465

underperforming the +0.6% historical average improvement. PHS have remained

in a 70.8-to-78.1 range since March ’23, in part, due to soft consumer confidence, rate

lock and increasing difficulty in selling existing residences for the desired price. Soft