Highlights
Contract signings for existing home purchases rose 2.0 percent in January and point to strength ahead for final sales. January's strength is centered in the South which is by far the largest region for home sales. Year-on-year, the region shows a very strong 10.5 percent gain which points to building strength for already solid national year-on-year growth of 8.0 percent.

Though contract signings often don't make it to closing due to credit and appraisal snags, today's report hints at a rising economic contribution from the housing sector. The Dow is popping up from opening lows following release of the data. Next data on the housing sector will be tomorrow with the S&P Case-Shiller report on home prices.

Market Consensus before announcement
The pending home sales index in December fell 3.5 percent, following a 7.3 percent gain in November and a 10.4 percent surge in October. Year-on-year, pending home sales were up 5.6 percent and are only three tenths slower than November.

2012 Release Schedule

Released On: 1/25 2/27 3/26 4/26 5/30 6/27 7/26 8/29 9/27 10/25 11/29 12/28 Release For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov