While the degree to which is
happened was somewhat disappointing, pending home sales did snap out of a
two-month slump in March. The National Association of Realtors’® (NAR’s) Pending
Home Sales Index (PHSI) rose 1.9 percent to 111.3 in March and is now up 23.3
percent compared to March 2020. However, NAR points out that the annual
increase was largely due to the country-wide pandemic related shutdown a year
ago. The PHSI, which is based on
contracts signed to purchase existing homes, had fallen 10.6 percent in
February on top of a 2.8 percent loss the previous month. Analysts polled by
Econoday had expected a stronger rebound in March, looking for an increase of 2
to 6 percent. Their consensus was a 3.8 percent gain.

 

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