Contracts to buy previously owned homes in the United States dropped 0.7 percent from a year earlier in May 2019, following a 2.0 percent decline in the previous month. That was the 17th consecutive month of annual decreases, as sales fell in the West (-3.1 percent), Midwest (-1.2 percent) and Northeast (-0.5 percent). By contrast, home sales rose 0.7 percent in the South. On a month-over-month basis, sales surged 1.1 percent in May, more than an expected 1.0 percent advance and following a 1.5 percent drop in April. Pending Home Sales in the United States averaged 0.71 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 -0.20 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 1.90 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.