US Pending Home Sales Rise 6.1% in March

On Wednesday, the National Association of Realtors (NAR) released its Pending Homes Sales Index (PHSI) for March. The index—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—increased 6.1% to a reading of 76.5. Year-over-year, sales were down 0.6%.

An index of 100 is equal to the level of contract activity in 2001.

All regions except the Northeast increased. However, compared to a year ago, all regions declined. The breakdown is as follows:

• The Northeast PHSI fell 0.5% to 62.5 and was down 3.0% from March 2024.
• The Midwest PHSI rose 4.9% to 77.7 and was up 1.4% year-over-year.
• The South PHSI increased 9.8% to 94.1 but declined 0.4% compared to a year ago.
• The West PHSI climbed 4.8% to 58.6 but was down 2.0% from March 2024.