Pending home sales
  • Prior month +2.0%
  • Pending home sales 6.1 vs 1.0% estimate
  • Year-over-year, pending transactions -0.6%.
  • Index 76.5 vs 72 last month
  • Mortgage rates fell by around 20 to 30 basis points in March from the first two months of this year. The average mortgage rate was 6.65% in March, down from a 6.96% average in January and down from a 6.84% average in February.

  • Northeast: PHSI fell 0.5% to 62.5 (down 3.0% year-over-year)

  • Midwest: PHSI rose 4.9% to 77.7 (up 1.4% year-over-year)

  • South: PHSI surged 9.8% to 94.1 (down 0.4% year-over-year)

  • West: PHSI increased 4.8% to 58.6 (down 2.0% year-over-year)

According to NAR Chief Economist Lawrence Yun,

"Home buyers are acutely sensitive to even minor fluctuations in mortgage rates. While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential home buyers, fueled by ongoing job growth."

He added:

"In March, signed contracts surged 34.1% from February based on non-seasonally adjusted raw data, reflecting a pattern consistent with previous years. In addition, inventory levels rose by 8.1% in March from the prior month, indicating a more dynamic housing-market environment."

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Source: Forex Live