Pending Sales Post Slight Increase in March

Posted To: MND NewsWire

It wasn't much of a gain , even missing analysts' predictions, but given the recent performance of the Pending Home Sales Index (PHSI), any positive change is a relief. The National Association of Realtors® said the PHSI, which measures new contracts for existing home purchases, managed an 0.4 percent increase in March, bringing the index to 107.6. At the same time, the February PHSI was downgraded from 107.5 to 107.2. While it was the second straight monthly gain, following a 3.1 percent increase in February, it was the third straight month that the index lagged on an annual basis. This time the shortfall was 3.0 percent. Analysts polled by Econoday had expected a 1.0 percent month-over-month increase, but the results fell short of even the most pessimistic of forecasts. The range was...(read more)

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