The Pending U.S. home sales rose 1.9% month-on-month in March after falling 11.5% in February (revised from -10.6%). The result disappoints the forecast for a rise of 5%. Despite falling short of expectations, this is the first rise seen after two months of declines, and the largest increase recorded since last August.
The Annual indicator indicates an increase of 23.3% in sales, topping the previous -0.5% and marking the largest rise seen in the last seven months.
“The increase in pending sales transactions for the month of March is indicative of a high demand for homes,” he said. Lawrence Yun, Chief Economist at NAR. “With mortgage rates still very close to record lows and a strong job recovery underway, demand is likely to remain high.”
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