Pending Home Sales Maintain Momentum in March

Pending home sales increased slightly in March for the second consecutive month and reached their highest level in almost a year, according to the National Association of Realtors.

The Pending Home Sales Index (PHSI) climbed 1.4 percent in March and is now 1.4 percent above its March 2015 level. After last month’s slight gain, the index has increased year-over-year for 19 consecutive months and is at its highest reading since May 2015.

Lawrence Yun, NAR chief economist, says last month’s pending sales increase signals a solid beginning to the spring buying season. “Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March,” he said.

“This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth.”

The PHSI in the Northeast increased 3.2 percent to 97.0 in March, and is now 18.4 percent above a year ago.

Found this useful?

Share with your friends, co-workers and family members here.

Jennifer Blanchard

Jennifer Blanchard is a Top Producing real estate agent in Basking Ridge with over 20 years of experience. She would love the opportunity to discuss any real estate questions you have.

Book a call

Understanding The Market

Basking Ridge Market Report

Get a snapshot of the Basking Ridge real estate market every month. As I always say, no obligation, just information.

Skip to content