Contracts to buy previously owned homes in the US climbed 7.4 percent from a year earlier in November 2019, above market expectations of a 5.8 percent gain. That was the largest annual increase in pending home sales since June 2015. Contracts rose in all 4 main regions: the West (+14.0 percent); the South (+7.7 percent); the Midwest (+5.0 percent); and the Northeast (+2.6 percent). On a monthly basis, pending home sales went up 1.2 percent, rebounding from a downwardly revised 1.3 percent fall in October. The West region reported the highest growth (+5.5 percent), followed by the Midwest (+1.0 percent); while the South (-0.2 percent) and the Northeast (-0.1 percent) reported declines. Pending Home Sales in the United States averaged 0.78 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 1.90 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 -0.50 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around 1.70 percent in 2020, according to our econometric models.