Contracts to buy previously owned US homes fell 4.9 percent from a year earlier in February of 2019, following an upwardly revised 2.6 percent decline in January. It marks the 14th straight month of annual decreases in pending home sales. Sales dropped in all 4 main regions: the West (-9.6 percent), the Midwest (-6.1 percent), the South (-2.9 percent) and the Northeast (-2.6 percent). On a month-over-month basis, sales shrank 1 percent, after a downwardly revised 4.3 percent rise in January and compared to market expectations of a 0.7 percent gain. Pending Home Sales in the United States averaged 0.75 percent from 2002 until 2019, 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 -2.10 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 2.60 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around -0.50 percent in 2020, according to our econometric models.