Pending Home Sales Decreased 5.2% In March

Pending Home Sales Decreased 5.2% In March

Pending Home Sales Decreased 5.2% in March Pending home sales decreased in March for the first time since November 2022, according to the National Association of REALTORS®. The Pending Home Sales Index (PHSI) waned by 5.2% to 78.9 in March. Year over year, pending transactions dropped by 23.2%. "The lack of housing inventory is a major constraint to rising sales," said NAR Chief Economist Lawrence Yun. Compared to last year, NAR forecasts that median existing-home prices will mostly stabilize – with the national median existing-home price decreasing by 1.8% in 2023 The index is based on a sample that covers about 40% of multiple listing service data each month.

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