United States Pending Home Sales2002-2021 Data | 2022-2023 Forecast | Calendar

Pending home sales in the US declined 1.9% yoy in June of 2021, the first drop in 4 months, due to rising prices. Only the Northeast region saw an annual increase in contract signings. On a monthly basis, pending home sales also declined 1.9%, after a record 8.3% gain in May. "Pending sales have seesawed since January, indicating a turning point for the market. Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat. The moderate slowdown in sales is largely due to the huge spike in home prices. The Midwest region offers the most affordable costs for home and hence that region has seen better sales activity compared to other areas in recent months", said Lawrence Yun, NAR's chief economist.

Pending home sales in the US were up 13.1% yoy in May of 2021, after surging by a record 51.7% in April, amid a low base effect from last year when sales sank at a record pace because of the pandemic. All four US regions recorded year-over-year increases. On a monthly basis, pending home sales surged 8%, beating forecasts of a 0.8% fall and pushing the index to its highest ever for the month of May since 2005. " The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings. Although there has been a series of obstacles over the last year, including an unprecedented pandemic, record-high prices and all-time low inventory, buyers are still lining up at a feverish pace. While these hurdles have contributed to pricing out some would-be buyers, the record-high aggregate wealth in the country from the elevated stock market and rising home prices are evidently providing funds for home purchases,", said Lawrence Yun from NAR.

Pending home sales in the US surged 51.7 percent year-on-year in April of 2021, the biggest increase ever amid a low base effect from last year when sales sank at a record pace because of the pandemic. All four US regions recorded year-over-year increases. On a monthly basis however, pending home sales dropped 4.4 percent, compared to forecasts of a 0.8 percent rise, with only the Midwest witnessing month-over-month gains. "Contract signings are approaching pre-pandemic levels after the big surge due to the lack of sufficient supply of affordable homes," said Lawrence Yun, NAR's chief economist. "The upper-end market is still moving sharply as inventory is more plentiful there". Yun anticipates housing supply to improve as a whole as soon as autumn. He points to an increase in the comfortability of those listing, as well as a rise in sellers after the conclusion of the eviction moratorium or as they exit forbearance.

Contracts to buy previously owned homes in the US rose 23.3 percent from a year earlier in March 2021, following a 0.5 percent decline in February, as interest rates remained at low levels and supply was near all-time lows. Contract signings were up double-digits in all four regions: the Northeast (16.7 percent); Midwest (14.1 percent); South (27.9 percent); and West (29.8 percent). On a monthly basis, pending home sales rose 1.9 percent in March, partially recovering from a revised 11.5 percent slump in February.