Contracts to buy previously owned US homes fell 2.3 percent from a year earlier in January 2019, following an upwardly 9.9 percent decline in the previous month. It marks the 13th straight month of decreases in pending home sales. The sales dropped the most in the West (-10.1 percent), followed by the South (-3.1 percent), and the Midwest (-0.3 percent) while in the Northeast purchased advanced 7.6 percent. On a month-over-month basis, sales went up 4.6 percent, after an upwardly revised 2.3 percent fall and above market consensus of a 0.5 percent gain. Pending Home Sales in the United States averaged 0.77 percent from 2002 until 2019, reaching an all time high of 30.90 percent in October of 2009 and a record low of -24.30 percent in April of 2011.
Pending Home Sales in the United States is expected to be 1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Pending Home Sales in the United States to stand at 1.60 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around 1.20 percent in 2020, according to our econometric models.