US Pending Homes Sales Increase in 3 Out of 4 Regions in April

Posted on May 25, 2023

On Thursday (5-25-23), 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—remained unchanged from March to April, holding steady at a reading of 78.9. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, contract signings fell 20.3%.

NAR is reporting that three out of four regions registered month-over-month gains in April:

  • The Northeast declined 11.3% to a reading of 59.1, a decline of 21.8% from April 2022.
  • The Midwest increased 3.6% to a reading 78.4 but was down 21.4% year-over-year.
  • The West increased 4.7% to a reading of 62.2 but was 26.0% lower than in April 2022.
  • The South inched 0.1% higher to a reading of 99.6 but was down 16.7% year-over-year.
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