Contracts to buy previously owned homes in the United States shrank 1 percent year-on-year in September of 2018, following an upwardly revised 2.4 percent drop in August. It marks the ninth consecutive month of annual declines in pending home sales. Sales fell in the Northeast (-2.7 percent), Midwest (-1.1 percent) and the West (-7.4 percent) but rose in the South (3.3 percent). On a month-over-month basis, sales rose 0.5 percent, rebounding from an upwardly revised 1.9 percent fall in August and beating market expectations of a 0.1 percent decline. Pending Home Sales in the United States averaged 0.92 percent from 2002 until 2018, reaching an all time high of 30.90 percent in October of 2009 and a record low of -24.30 percent in April of 2011.
Pending Home Sales in the United States is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Pending Home Sales in the United States to stand at -1.40 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around 1.20 percent in 2020, according to our econometric models.
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