United States Pending Home Sales2002-2020 Data | 2021-2022 Forecast | Calendar

Contracts to buy previously owned homes in the US slumped 33.8 percent over a year earlier in April of 2020, following a 16.3 percent plunge in the previous month. It was the biggest annual decline ever in pending home sales due to the coronavirus crisis. Pending home sales were down in all regions: the Northeast (-52.6%), the Midwest (-26%), the South (-29.6%) and the West (-37.2%). On a monthly basis, pending home sales went down 21.8, also the largest drop on record, after a 20.8 percent plunge in March and worse than forecasts of a 15 percent fall. "While coronavirus mitigation efforts have disrupted contract signings, the real estate industry is ‘hot’ in affordable price points with the wide prevalence of bidding wars for the limited inventory. In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures”, Lawrence Yun, NAR’s chief economist said.

Contracts to buy previously owned homes in the US dropped 16.3 percent over a year earlier in March 2020, following a downwardly revised 9.3 percent gain in the previous month. It was the biggest annual decline since April 2011, amid the coronavirus crisis. Pending home sales were down in all regions: the Northeast (-11%), the Midwest (-12.4%), the South (-17.8%) and the West (-21.5%). On a monthly basis, pending home sales went down 20.8, the largest drop since May 2010, after a downwardly revised 2.3 percent rise in the previous month and compared with market expectations of a 10 percent fall. “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. “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,” Yun added.

Contracts to buy previously owned homes in the US increased 9.4% yoy in February of 2020, following an upwardly revised 5.8% rise in January and beating market forecasts of a 1.7% increase. It is the biggest annual gain since May of 2015, as pending home sales were up in all regions: the Northeast (5.9%), the Midwest (14.9%), the South (7.1%) and the West (10.8%). On a monthly basis, pending home sales went up 2.4%, well below an upwardly revised 5.3% jump in January but beating forecasts of a 1% fall. All regions saw a rise in pending home sales. 'February’s pending sales figures show the housing market had been very healthy prior to the coronavirus-induced shutdown. Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage and we may get a V-shaped robust recovery later in the year', said Lawrence Yun, NAR’s chief economist.

Contracts to buy previously owned homes in the US increased 5.7 percent from a year earlier in January of 2020, higher than a downwardly revised 4.1 percent increase in December. Pending home sales were up in all regions: the Northeast (1.2 percent), the Midwest (6.5 percent), the South (7.1 percent) and the West (5.5 percent). On a monthly basis, pending home sales jumped 5.2 percent, rebounding from a downwardly revised 4.3 percent drop in December and beating forecasts of a 2.2 percent gain. Only the West region reported a drop in month-over-month contract activity, while the other three major regions each saw pending home sales grow. Lawrence Yun, NAR’s chief economist, said that January figures result from the good economic backdrop and exceptionally low mortgage rates.