Pending home sales rose less than expected in March as prices soared


A sale pending sign is posted in front of a home for sale in San Anselmo, California.

Justin Sullivan | California

Pending home sales, a measure of signed contracts on existing homes, rose 1.9% in March compared with April, according to the National Association of Realtors.

Forecasters had expected a 5% gain.

Pending sales were 23.3% higher than March 2020, but that annual comparison is skewed widely because the housing market essentially ground to a halt last March at the start of the coronavirus pandemic. The market then rebounded strongly last summer and is still showing incredibly solid demand.

Pending home sales are a forward-looking indicator of closed sales in one to three months.



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