US Pending Home Sales Experience Significant Growth

In a remarkable turnaround, pending home sales in the United States soared by 6.1% in March compared to February, as reported by the National Association of Realtors (NAR) this Wednesday. This marks the most substantial monthly increase since December 2023, despite a slight annual decline of 0.6%.

Regional Highlights Show Varied Performance

The South led the charge with a staggering 9.8% month-on-month increase, followed by the Midwest and West at 4.9% and 4.8%, respectively. Contrastingly, the Northeast witnessed a minor dip of 0.5%.

Expert Insights on Market Dynamics

Lawrence Yun, NAR Chief Economist, highlighted, "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."