Pending home sales increased for three of the four regions of the U.S. in March, according to the National Association of Realtors. Following two months of declines, all except the Midwest experienced month-over-month gains, while each area recorded year-over-year growth.
The Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, rose 1.9 percent in March, while contact signings were up 23 percent year-over-year.
The Northeast PHSI rose 6.1 percent in March—a 16.7 percent increase from a year ago. In the Midwest, the index fell 3.7 percent, but still up 14.1 percent from March 2020.
Pending home sales in the South were up 2.9 percent in March—up 27.9 percent from March 2020. And in the West, pending sales were up 2.9 percent in March—up 29.8 parent from a year prior.