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.