U.S. Pending Home Sales Nosedive More Than Expected In March

Trading 29 avr 2020 Donner votre avis

A report released by National Association of Realtors on Wednesday showed a bigger than expected nosedive in U.S. pending home sales in the month of March.

NAR said its pending home sales index plunged by 20.8 percent to 88.2 in March after jumping by 2.3 percent to 111.4 in February. Economists had expected the index to tumbled by 10.0.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

"The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts," said Lawrence Yun, NAR's chief economist.

He added, "As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates."

The bigger than expected slump in pending home sales came as each of the four major regions saw drops in month-over-month contract activity and year-over-year pending home sales transactions.

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