March Marks a Significant Uptick in US Pending Home Sales

In a promising sign for the US housing market, pending home sales soared by 6.1% in March compared to February, as reported by the National Association of Realtors (NAR). This marks the highest monthly increase since December 2023, despite a slight annual decline of 0.6%.

Regional Variations Highlight Market Dynamics

The South led the charge with a remarkable 9.8% month-on-month increase, followed by the Midwest and West at 4.9% and 4.8%, respectively. The Northeast, however, experienced a minor setback with a 0.5% decrease.

Expert Insights on Market Sensitivity

Lawrence Yun, NAR Chief Economist, emphasized the sensitivity of home buyers to mortgage rate changes. "The significant rise in pending home sales suggests a growing pool of potential buyers, buoyed by steady job growth," Yun noted, highlighting the correlation between economic factors and housing demand.