March Marks a Significant Uptick in US Pending Home Sales

In a surprising turn of events, 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 Variations Highlight the Market's Dynamics

The South 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. However, the Northeast experienced a minor setback, with a 0.5% decrease.

Expert Insights on the Market's Resilience

"Home buyers are showing heightened sensitivity to even the slightest changes in mortgage rates," observed NAR Chief Economist Lawrence Yun. He further noted, "The significant rise in pending home sales suggests a robust accumulation of potential buyers, buoyed by continuous job growth, even though contract signings don't always lead to closings."