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.
Pending Home Sales in the United States averaged 0.63 percent from 2002 until 2020, reaching an all time high of 30.90 percent in October of 2009 and a record low of -33.80 percent in April of 2020. This page provides the latest reported value for - United States Pending Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Pending Home Sales - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020.
Pending Home Sales in the United States is expected to be 1.50 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 1.20 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around 1.70 percent in 2021, according to our econometric models.