Pending home sales increased 0.4 percent in March, growing from 107.2 to 107.6 on the National Association of Realtors’ Pending Home Sales Index.
The level is still 3.0 percent below last year’s sales activity.
The lack of inventory remains a key issue in the lower sales levels compared with the same time last year, according to NAR Chief Economist Lawrence Yun.
“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,” Yun said in a statement. “Steady price growth and the swift pace listings are coming off the market are proof that more supply is needed to fully satisfy demand.”
In the Northeast, the Pending Home Sales Index dropped 5.6 percent to 90.6, and rose 2.4 in the Midwest to 101.3. The West declined 1.1 percent to a level of 94.7 and sales in the South grew 2.5 percent to a level of 128.6.
