Contracts to buy previously owned US homes slumped 6.7 percent from a year earlier in October 2018, following a downwardly revised 0.9 percent drop in the previous month. This was the tenth consecutive month of decline in pending home sales and the steepest since June 2014. The biggest fall was recorded in the West (-15.3 percent), followed by the Midwest (-4.9 percent), South (-4.6 percent) and Northeast (-2.9 percent). On a month-over-month basis, sales fell 2.6 percent, following a 0.7 percent increase in September and missing market expectations of a 0.5 percent advance. Home resales were down 5.1 percent from a year earlier in October, the sharpest drop since July 2014. Pending Home Sales in the United States averaged 0.88 percent from 2002 until 2018, reaching an all time high of 30.90 percent in October of 2009 and a record low of -24.30 percent in April of 2011.
Pending Home Sales in the United States is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Pending Home Sales in the United States to stand at -5.31 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around 1.20 percent in 2020, according to our econometric models.