Quick home sales review

Pending home sales in March rose by 3.4% m/o/m, above the forecast of up .4%. Three out of the 4 national regions saw a rise but as seen in the chart, we’re sort of bouncing along the bottom both due to limited inventory of existing homes and high prices along with a 7%+ mortgage rate which makes it tough for many first time buyers.

The NAR said the index level of 78.2 is the highest since February 2023 but “still remains in a fairly narrow range over the last 12 months without a measurable breakout. Meaningful gains will only occur with declining mortgage rates and rising inventory.”