Pending home sales in March decreased 0.8 percent to a level of 111.4 on the National Association of Realtors Pending Home Sales Index compared with a level of 112.3 in February.
“Home shoppers are coming out in droves this spring and competing with each other for the meager amount of listings in the affordable price range,” said NAR Chief Economist Lawrence Yun in a statement. “In most areas, the lower the price of a home for sale, the more competition there is for it. That’s the reason why first-time buyers have yet to make up a larger share of the market this year, despite there being more sales overall.”
The PHSI in the Northeast decreased 2.9 percent to 99.1. In the Midwest, it declined 1.2 percent to 109.6. Pending home sales increased in the South 1.2 percent to 129.4. The index fell 2.9 percent in the West to 94.5.
