Neighborhood Inscope

Pending home sales rose 0.4% MoM in Mar'18 missing expectations

By Dr Denver H. Bubble

Mon Apr 30 2018

Pending Home Sales missed expectations of 0.7% increase month over month and rose only 0.4% in March 2018. February 2018 was also revised lower from 3.1% to 2.8% increase month over month. Our home region the West fell 1.1% in March month over month and 0.7% in February month over month. Our friend, Larry Yun, NAR’s chief economist, said in a statement, “Healthy economic conditions are creating considerable demand for purchasing a home, but not all buyers are able to sign contracts because of the lack of choices in inventory. It is an absolute necessity for there to be a large increase in new and existing homes available for sale in coming months to moderate home price growth.” We normally don't see eye to eye with Larry, but that is a statement we agree with.

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