Pending home sales fell 20.8% in March, impacted by the outbreak of COVID-19, the National Association of Realtors (NAR) reports.
Year-over-year, pending home sales declined 16.3%.
NAR stated that the impacts of COVID-19 on the housing market are temporary.
“As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates,” NAR Chief Economist Lawrence Yun stated.
Contract signings fell in all regions during the month, the West seeing the largest decline of 26.8%. The Midwest, South and Northeast had declines of 22.0%, 19.5% and 14.5%, respectively.
The full NAR report can be found here.
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