Pending Sales of Existing Homes in U.S. Rise More Than Forecast
As an encouraging sign that the housing market is entering its busiest selling season of the year, more Americans than forecast signed contracts to purchase previously owned U.S. homes in March. According to the National Association of REALTORS®, the index of pending home resales climbed 1.4 percent to a 10-month high after a revised 3.4 percent gain in February. Some economists had projected an increase of 0.5 percent. The advance in pending sales in March helps lay the ground for a pickup in demand for previously owned properties in coming months, which should sustain the housing rebound. Notably, pending purchases fell 1.8 percent in the West thanks to a major supply deficiency, while the three other regions saw an increase in purchases.