(ABM FN-Dow Jones) Pending home sales in the United States rose again in March. This emerged on Thursday from figures from the real estate agency NAR.
The sales index rose by 3.4 percent to 78.2. Economists expected a stable level for March compared to the increase of 1.6 percent to 75.6 in February.
On an annual basis, pending home sales increased by 0.1 percent in March.
According to NAR economist Lawrence Yun, while the monthly figure for March marked the largest increase in a year, “it still remains in a fairly narrow range over the past 12 months without a measurable breakout. A significant increase will only occur with declining mortgage rates and a rising stock,” Yun said.
The index for upcoming home sales is based on signed contracts for the purchase of existing single-family homes, apartments and residential groups, but where the transaction has not yet been completed. After signing the contract, it usually takes one to one and a half months before the sale is actually completed.
Source: ABM Financial News
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