Contracts to buy previously owned US homes fell 1.2 percent from a year earlier in March of 2019, following a 4.9 percent drop in the previous month. It is the smallest decline in pending home sales since September of 2018 and it marks the 15th straight month of annual decreases. Sales dropped in the Midwest (-5 percent); West (-1.6 percent) and in the Northeast (-0.4 percent), while they went up in the South (0.7 percent). On a month-over-month basis, sales rose 3.8 percent, rebounding from a 1 percent fall in March and above market expectations of a 1.1 percent gain. Pending Home Sales in the United States averaged 0.73 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 1.30 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 0.70 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.