Pending Home Sales Rise Less Than Expected as Inventory Remains Ultra Tight; Rates Recover After Bumpy Start; Digital Lending Speeds Things Up
While the degree to which is happened was somewhat disappointing, pending home sales did snap out of a two-month slump in March . The National Association of Realtors'® (NAR's) Pending Home Sales Index (PHSI) rose 1.9 percent to 111.3 in March and is now up 23.3 percent compared to March 2020. However, NAR points out that the annual increase was largely due to the country-wide pandemic related shutdown a year ago. The PHSI, which is based on contracts signed to purchase existing homes, had fallen 10.6 percent in February on top of a 2.8 percent loss the previous month. Analysts polled by Econoday had expected a stronger rebound in March, looking for an increase of 2 to 6 percent. Their consensus was a 3.8 percent gain. "The increase in pending sales transactions for the month of March is
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