US pending home sales for March is higher than expectations.
The US pending home sales for March came in higher than expectations of 3.8% versus 1.5% expected. The rise offset a -1% gain last month. Pending home sales are signed contracts.
- Home contract signings -1.2% year on year. 15th straight month of annual declines
- 8.7% increase in the West. Those largest gain since 2010. The sales in the West are still -1.6% lower than one year ago
- Sales fell -1.7% in the Northeast, That was the 2nd straight drop. That is now -0.4% versus March 2018
- sales were up 2.3% in the Midwest. That is still 5% lower than March 2018
- Sales in the South were hired by 4.4%. Versus 1 year ago is up 0.7%.
Pending home sales are often looked at as a leading indicator of existing home sales. Existing home sales account for 90% of the housing market. Existing sales are counted once a deal closes. Pending home sales are contracts for potential closings.
