Contracts to buy previously owned homes in the US dropped 16.3 percent over a year earlier in March 2020, following a downwardly revised 9.3 percent gain in the previous month. It was the biggest annual decline since April 2011, amid the coronavirus crisis. Pending home sales were down in all regions: the Northeast (-11%), the Midwest (-12.4%), the South (-17.8%) and the West (-21.5%). On a monthly basis, pending home sales went down 20.8, the largest drop since May 2010, after a downwardly revised 2.3 percent rise in the previous month and compared with market expectations of a 10 percent fall. “The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts,” said Lawrence Yun, NAR’s chief economist. “As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates,” Yun added.
Pending Home Sales in the United States averaged 0.78 percent from 2002 until 2020, 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. This page provides the latest reported value for - United States Pending Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Pending Home Sales - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020.
Pending Home Sales in the United States is expected to be 1.50 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 1.20 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around 1.70 percent in 2021, according to our econometric models.