- NAR released a summary of pending home sales data showing that March’s pending home sales pace slowed 0.8 percent from last month and are modestly up 0.8 percent from a year ago.
- Pending sales are homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
- Two of the four regions showed inclines from a year ago. The South lead with an increase of 3.9 percent followed by the Northeast 1.8 percent. The Midwest had a decline of 2.4 percent. The West had the biggest decline of 2.7 percent.
- From last month, the only region to have a gain of 1.2 percent in pending sales was the South. The Northeast and the West both shared a decline of 2.9 percent. The Midwest had the smallest decline of 1.2 percent.
- The pending home sales index level for the month was 111.4 for the US. February’s data was unrevised and remained 112.3.
- This is the pending index’s 35th consecutive month over the 100 index level.
- The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.