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Pending home sales grew 3.4% in March 2024. The Northeast, South, and West posted monthly gains in transactions while the Midwest recorded a loss. Year over year, the Northeast and South registered decreases but the Midwest and West improved.
"March's Pending Home Sales Index – at 78.2 – marks the best performance in a year, but it still remains in a fairly narrow range over the last 12 months without a measurable breakout," said NAR Chief Economist Lawrence Yun. "Meaningful gains will only occur with declining mortgage rates and rising inventory."
Next release: Pending Home Sales for April 2024 will be released on Thursday, May 30, 2024 at 10 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.
