US home sales fell below expectations in March

The National Association of Realtors (NAR) has announced its Pending Home Sales Index for March.

As a result, the US Pending Home Sales Index decreased 5.2 percent in March from the previous month to 78.9. In this period, the data, which was below market expectations, was expected to rise 0.5 percent. Pending home sales, which declined for the first time since November 2022, rose 0.8 percent on a month in February.

23.2 PERCENTAGE DECREASES

Sales fell 23.2 percent on-year in March.

NAR Chief Economist Lawrence Yun, whose views were included in the statement, noted that a lack of home inventory is the biggest hurdle to rising sales, noting that more than a third of homes for sale were offered and 28 percent of homes sold above list price. Yun said the limited supply of homes does not meet the demand nationwide.

US Pending Home Sales data shows the change in the number of homes sold and signed but pending due to the closing process not being completed. (AA)