March US pending home sales +1.9% vs +4.4% expected
March pending US home sales data from the National Association of Realtors:
- Prior was -10.6% (revised to -11.5%)
- Sales y/y +25.3% vs +27.5% expected
- Prior y/y reading -2.7% (revised to -3.8%)
- Full report
"The increase in pending sales transactions for the month of March is indicative of high housing demand," said Lawrence Yun, NAR's chief economist. "With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high."
"Low inventory has been a consistent problem, but more inventory will show up as new home construction intensifies in the coming months, as well as from a steady wind-down of the mortgage forbearance program," Yun continued. "Although these moves won't immediately replenish low supply, they will be a step forward."