The Big Picture with the details:
In the past, we have mostly ignored the monthly improvement when the overall number was negative. As the NAR note themselves, “There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.”
However, take the the PHSI up 3 months in a row, and the positive annual change as a positive incremental improvement. Not the beginning of a new bull market for houses, but a potential signs things are stabilizing.