NAR: Despite buyer demand, contract signings fall
Pending home sales picked up the pace in March, but ongoing issues related to low inventory kept contract activity below year-ago levels, according to the National Association of REALTORS’s Pending Home Sales Index. The index inched up 0.4 percent to a reading of 107.6 in March. Despite the uptick, overall activity was down on an annualized basis for the third consecutive month.
Pending home sales dropped 5.6 percent month over month for the Northeast, and fell 8.1 percent year over year. NAR Chief Economist Lawrence Yun said multiple winter storms and colder than usual weather contributed to the decrease.