by Calculated Risk on 4/27/2022 10:07:00 AM
From the NAR: Pending Home Sales Sag 1.2% in March
The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 1.2% to 103.7 in March. Year-over-year, transactions sank 8.2%. An index of 100 is equal to the level of contract activity in 2001.
Month-over-month, the Northeast PHSI grew 4.0% to 89.3 in March, a 9.2% fall from a year ago. In the Midwest, the index dropped 6.1% to 94.7 last month, down 4.8% from March 2021.
Pending home sales transactions in the South decreased 0.9% to an index of 125.8 in March, down 9.5% from March 2021. The index in the West declined 0.2% in March to 89.8, down 8.4% from a year prior.
This was above expectations of a 1.8% decrease for this index. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in April and May.