Pending Home Sales Climbed In March

Dated: April 30 2019

Views: 35


Pending Home Sales Climbed in March

BY  on APRIL 30, 2019• (0)

Pending home sales bounced back in March, after a minor slip in February.

The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI rose 3.8% from 101.9 in February to 105.8 in March, but was still 1.2% below the level one year ago, marking the fifteen straight month of declines on an annualized basis.


Regionally, only the Northeast saw a decline in the PHSI. The PHSI in the Midwest, South and West grew 2.3%, 4.4% and 8.7% in March, while sales in the Northeast declined 1.7%. Year-over-year, the PHSI fell in the Northeast, Midwest and West by 0.4%, 5.0% and 1.6%, but rose 0.7% in the South.

Despite volatility over the past several months, the March strong gain shows consumers’ positive sentiment in homebuying, as mortgage applications grow steadily and mortgage rates decline again in March. But, compared to sales in 2000, NAR suggests the current sales activity is underperforming and demand in housing market is still repressed. Thus, NAR expects sales will continue to grow in the coming quarters and years.

Moderated home prices and stabilized builder confidence also provide favorable conditions to the housing market. The Case-Shiller U.S. National Home Price Index, released earlier today, saw a slower growth pace in February. Meanwhile, builder confidence rose one point to 63 in April, suggesting a solid demand for new single-family homes even though affordability is still a problem due to labor shortages and costly building materials.

Blog author image

Andrea Ortega

Andrea Ortega has been a licensed Realtor in Arizona since 1996, and has been with American Allstar Realty since October of 2008. She is a Gilbert, Arizona Native. She originally started her career in....

Latest Blog Posts

30Year Mortgage Rate At Recent Lows

30YEAR MORTGAGE RATE AT RECENT LOWS 30-Year Mortgage Rate at Recent LowsBY DANUSHKA NANAYAKKARA-SKILLINGTON ON MAY 31, 2019• (0)For the fifth straight month,

Read More

Pending Home Sales Climbed In March

PENDING HOME SALES CLIMBED IN MARCHPending Home Sales Climbed in MarchBY FAN-YU KUO on APRIL 30, 2019• (0)Pending home sales bounced back in March, after a minor slip in

Read More

Jan 31 2019 14278 1

JAN 31 2019 14278 1 4 Proven Ways Real Estate Can Build Sizable Family WealthRecently, David Greene, co-host of the BiggerPockets podcast and a nationally renowned author and speaker,

Read More

Nov 14 2018 14278 1

NOV 14 2018 14278 1 75% OF RENTERS HAVE BEEN MISINFORMEDRecently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last

Read More