Contracts to buy previously owned homes in the US increased 4.6 percent from a year earlier in December of 2019, below a 7.9 percent surge in November which was the largest annual increase since June 2015. Pending home sales were up in the Midwest (1.3 percent), South (7.4 percent) and West (7.0 percent) while those decreased slightly in the Northeast (-0.1 percent). On a monthly basis, pending home sales declined 4.9 percent, the biggest drop since 2010, while markets were expecting a 0.5 percent rise, as contracts were down in all regions: the Northwest (-4.0 percent), the Midwest (-3.6 percent) the South (-5.5 percent) and the West (-5.4 percent). Also, the inventory of homes for sale was the lowest on record. Lawrence Yun, NAR’s chief economist, said that mortgage rates are expected to remain under 4 percent for most of 2020 while net job creation will likely exceed two million. The economist also noted that low inventory remains a significant longer-term concern.
Pending Home Sales in the United States averaged 0.80 percent from 2002 until 2019, 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. This page provides the latest reported value for - United States Pending Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.
Pending Home Sales in the United States is expected to be 1.30 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 1.20 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around 1.70 percent in 2021, according to our econometric models.