The Pending Home Sales Index fell 4.4 percent last month, according to the National Association of Realtors. Year-over-year, however, signings jumped 51.7 percent as the pandemic slumped sales to an all-time low.
Only the Midwest saw month-over-month gains (3.5 percent), while the Northeast suffered the largest decline, dropping 12.9 percent from March 2021. The West dropped a nominal 2.6 percent.
“Contract signings are approaching pre-pandemic levels after the big surge due to the lack of sufficient supply of affordable homes,” said Lawrence Yun, NAR’s chief economist. “The upper-end market is still moving sharply as inventory is more plentiful there.”
NAR also notes that Realtor.com’s Hottest Housing Markets data revealed that out of the largest 40 metro areas across the country, the most improved regions over the past year, as of May 13, were: Detroit-Warren-Dearborn, Mich.; Tampa-St. Petersburg-Clearwater, Fla.; Austin-Round Rock, Texas; Jacksonville, Fla.; and Riverside-San Bernardino-Ontario, Calif.