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March 2019 Pending Home Sales
- NAR released a summary of pending home sales data showing that March’s pending home sales pace was up 3.8 percent last month but fell 1.2 percent from a year ago.
- Pending sales represent 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.
- Three of the four regions showed declines from a year ago with the South having a modest gain of 0.7 percent. The Northeast had the smallest drop in sales of 0.4 percent followed by the West with a decline of 1.6 percent. The Midwest experienced the biggest dip in contract signings of 5.0 percent.
- From last month, three of the four regions showed inclines in contract signings. The West region had the biggest gain of 8.7 percent followed by the South with an increase of 4.4 percent. The Midwest had a gain of 2.3 percent and the Northeast was the only region to have a decline of 1.7 percent.
- The U.S. pending home sales index level for the month was 105.8. February’s data was revised to 101.9.
- March’s incline brings the pending index back above the 100 level mark for the third consecutive month.
- 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.