April 2019 Pending Home Sales
- NAR released a summary of pending home sales data showing that April’s pending home sales pace was down 1.5 percent last month and fell 2.0 percent from a year ago.
- Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing-Home Sales data by 1 to 2 months.
- All of the four regions showed declines from a year ago with the Midwest having the biggest decline of 2.4 percent. The Northeast had a drop in sales of 2.1 percent followed by the South with a decline of 1.8 percent. The West experienced the smallest dip in contract signings of 1.5 percent.
- From last month, three of the four regions showed inclines in contract signings. The Midwest region had the only gain of 1.3 percent. The South had the biggest decline of 2.5 percent followed by the Northeast and West, both fell 1.8 percent.
- The U.S. pending home sales index level for the month was 104.3. March’s data was revised to 105.9.
- March’s incline brings the pending index back above the 100 level mark for the fourth consecutive month.
- The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.