United States Pending Home Sales MoM

Pending home sales in the United States rose by 3.4% from the previous month in March 2024, more than doubling the 1.6% increase seen in the previous month and significantly surpassing market expectations of a 0.3% advance. Pending home sales rose by 7% in the South, soared by 6.8% in the West, and 2.7% in the Northeast, comfortably offsetting the 4.3% slide in the Midwest. "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."