Pending Home Sales Climbed In March

Pending Home Sales Climbed In March

Pending Home Sales Climbed in March

BY  on  (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.

Andrea Ortega Headshot
Phone: 480-861-4663
Dated: April 30th 2019
Views: 211
About Andrea: Andrea Ortega has been a licensed Realtor in Arizona since 1996, and has been with American Allstar ...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

COVID19 COULD HELP STABILIZE PHOENIX AREA HOME PRICES - Take a look around, and it appears
Equity Builders - Building equity in your home is a
Rates Are At A 3 Year Low - According to Freddie Mac, mortgage
More Buyers Less Sellers - Arizona is seeing record amounts

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

American AllStar Realty
6642 E Baseline Rd Ste 101
Mesa, AZ