From the National Association of Realtors:
Pending Home Sales Ascended 3.4% in March
Key Highlights
Pending home sales increased 3.4% in March.
Month over month, contract signings rose in the Northeast, South and West but dropped in the Midwest.
Compared to one year ago, pending home sales declined in the Northeast and South while the Midwest and West improved.
WASHINGTON (April 25, 2024) – Pending home sales in March climbed 3.4%, according to the National Association of Realtors®. The Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Year-over-year, the Northeast and South registered decreases but the Midwest and West improved.
Quarterly U.S. Economic Forecast
NAR forecasts that existing-home sales will rise by 9% in 2024 to 4.46 million (from 4.09 million 2023) and another 13.2% in 2025 to 5.05 million (from 2024). Housing starts are expected to rise by 1.2% in 2024 to 1.43 million (from 1.413 million in 2023) and 4.9% to 1.5 million in 2025 (from 2024).
“Home sales have lingered at 30-year lows, and since 70 million more Americans live in the country now compared to three decades ago, it’s inevitable that sales will rise in coming years,” explained Yun. “Inventory will grow steadily from more home construction, and various life-changing events will require people to trade up, trade down or move to another location.”
