Indicators
US Pending Home Sales Fall 5.2%, Biggest Drop Since September
- Decrease in March contract signings missed all estimates
- ‘Supply is simply not meeting demand,’ NAR economist says
A home under construction in Sumter, South Carolina.
Photographer: Micah Green/BloombergThis article is for subscribers only.
US pending home sales fell last month by the most since September, suggesting the housing market isn’t totally out of the woods yet.
The National Association of Realtors’ index of contract signings to purchase previously owned homes dropped 5.2% in March to 78.9, according to data released Thursday. The decrease was worse than all estimates in a Bloomberg survey of economists, which called for a 0.8% advance.