US Pending Homes Sales Declined in 3 Out of 4 Regions in March

Posted on April 27, 2023

On Thursday (4-27-23), the National Association of Realtors® (NAR) reported its Pending Homes Sales Index (PHSI)—which is based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—declined 5.2% month-over-month in March to a reading of 78.9. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, contract signing declined 23.2%.

The NAR is reporting that three out of four regions registered month-over-month declines in March:

  • The Northeast declined 8.1% from February to a reading of 66.6, a decline of 24.3% from March 2022.
  • The Midwest index dropped 10.7% to a reading 75.7 in March, down 21.5% year-over-year.
  • The West dropped 8.0% to a reading of 59.4, down 32.2% from March 2022.
  • The South posted a modest 0.2% gain in March to a reading of 99.6 but was down 19.8% year-over-year.
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