Significant Monthly Increase in Pending Home Sales

In an unexpected turn, pending home sales in the United States soared by 6.1% in March compared to February, marking the highest monthly increase since December 2023, according to the National Association of Realtors (NAR). Despite this monthly surge, sales experienced a slight decline of 0.6% year-over-year.

Regional Variations Highlighted

The South region led the charge with a remarkable 9.8% month-on-month increase, closely followed by the Midwest and West at 4.9% and 4.8%, respectively. Conversely, the Northeast saw a minor dip of 0.5%.

Expert Insights

Lawrence Yun, NAR Chief Economist, commented, "Home buyers are acutely sensitive to even minor fluctuations in mortgage rates... While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential home buyers, fueled by ongoing job growth."