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- U.S. pending home sales increase more than expected in March
U.S. pending home sales increase more than expected in March
The National Association of Realtors (NAR) announced on Thursday its seasonally adjusted pending home sales index (PHSI) surged 3.8 percent m-o-m to 105.8 in in March, up from 101.9 in February.
Economists had expected pending home sales to rise 1.1 percent m-o-m in March.
On y-o-y basis, the index dropped 1.2 percent. That was the 15th consecutive month of annual declines.
According to the report, the pending home sales rose in three of the four regions in m-o-m terms but fell in most regions compared to March 2018. Pending home sales in the South climbed 4.4 percent m-o-m to an index of 127.2 in March, which is 0.7 percent higher than last March. Meanwhile, the index in the West ascended 8.7 percent m-o-m last month to 95.1 and declined only 1.6 percent below a year ago. The PHSI in the Northeast dropped 1.7 percent m-o-m to 90.5 in March and is now 0.4 percent below a year ago. In the Midwest, the index increased 2.3 percent m-o-m to 95.3 in March, 5.0 percent lower than in the corresponding period of 2018.
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