Contracts to buy previously owned US homes declined 2.8 percent from a year earlier in April 2019, following a downwardly 1.1 percent fall in the previous month. It was the 16th consecutive month of annual decreases. Sales went down in the Midwest (-2.4 percent), Northeast (-2.1 percent), South (-1.8 percent) and in the West (-1.5 percent). On a month-over-month basis, sales declined 1.5 percent, after a downwardly revised 3.8 percent gain in the prior month and well below market expectations of a 0.9 percent increase. Pending Home Sales in the United States averaged 0.72 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.
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 0.70 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around -0.50 percent in 2020, according to our econometric models.