US Pending Home Sales Experience Significant Growth

The United States witnessed a notable 6.1% increase in pending home sales in March compared to February, marking the highest monthly surge since December 2023, as reported by the National Association of Realtors (NAR) on Wednesday. Despite this monthly uptick, sales experienced a slight annual decline of 0.6%.

Regional Variations Highlighted

The South region led the charge with a remarkable 9.8% month-on-month growth, followed by the Midwest and West at 4.9% and 4.8%, respectively. In contrast, the Northeast saw a minor decrease 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."