Pending Sales of Previously Owned U.S. Homes Retreated in March

Contracts to buy previously owned U.S. homes declined in March after rising a month earlier by the most since 2010, according to figures released Thursday from the National Association of Realtors in Washington.

Warmer-than-usual weather earlier in the year helped bring forward demand ahead of the busy spring sales season and likely tempered purchases in March. Buyers also sped up their entry in anticipation of rising home prices and higher borrowing costs. While strong job growth and wage gains will remain supportive for residential sales, a limited number of listings could reduce the scope of progress in the housing market in the coming months.