The U.S. pre-owned home sales index in March fell by the biggest month-on-month rate since September last year, suggesting the housing market is not quite out of the woods.
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The sales closing index is seen as a leading indicator of pre-owned home sales, as deals are usually closed one to two months after the sale is closed.
“Insufficient housing inventory is the main drag on sales growth,” said Lawrence Yun, chief economist at the National Association of Realtors (NAR), in a statement. He wrote that “the limited supply of housing is simply not meeting demand at the national level.”
Demand remains strong in some areas. About a third of the properties for sale have multiple bids, and about a third sell for more than the asking price, Yoon said.
The sales closing index for the United States fell 23.3% year-on-year (before seasonal adjustment).
See table for detailed statistics.
Original title:US Pending Home Sales Fall 5.2%, Biggest Drop Since September(excerpt)
(Add and update stats details)
2023-04-27 14:06:12
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