US Pending Home Sales Climb 3.4% in March

Posted on April 25, 2024

On Thursday, the National Association of Realtors® (NAR) reported its Pending Homes Sales Index (PHSI) for March. The PHSI—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—was 3.4% higher, rising to a reading of 78.2. An index of 100 is equal to the level of contract activity in 2001.

Year-over-year, pending homes sales were up 0.1%.

Three out of the four regions posted monthly gains, NAR reported.

  • The Northeast PHSI rose 2.7% to a reading of 65.1 but was 0.3% lower versus March 2023.
  • The Midwest PHSI fell 4.3% to a reading of 78.1 but was up 1.3% year-over-year.
  • The South PHSI moved 7.0% higher to a reading of 95.8 but was 1.5% below March 2023.
  • The West PHSI increased 6.8% to a reading of 61.0 and was up 3.6% year-over-year.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.