US Pending Home Sales Experience Significant Growth in March

In a recent report released by the National Association of Realtors (NAR), pending home sales in the United States witnessed a notable increase of 6.1% in March compared to the previous month. This marks the highest monthly surge since December 2023, despite a slight annual decline of 0.6%.

Regional Highlights: South Leads the Way

The South region emerged as the frontrunner with an impressive 9.8% month-on-month growth, followed by the Midwest and West at 4.9% and 4.8%, respectively. Conversely, the Northeast region experienced a minor setback with a 0.5% decrease.

Expert Insights: Mortgage Rates and Job Growth Fuel Buyer Interest

"Home buyers are showing heightened sensitivity to even the smallest changes in mortgage rates," remarked Lawrence Yun, NAR Chief Economist. He further added, "Although contract signings do not always lead to closings, the significant rise in pending home sales indicates a growing pool of potential buyers, driven by continuous job growth."