Contracts to buy previously owned US homes slumped 9.8 percent from a year earlier in December of 2018, following an upwardly revised 7.8 percent drop in the previous month. It marks the 12th consecutive month of declines in pending home sales and the steepest since April of 2011. The biggest fall was recorded in the South (-13.5 percent), followed by the West (-10.8 percent), the Midwest (-7.2 percent), and Northeast (-2.5 percent). On a month-over-month basis, sales fell 2.2 percent, following an upwardly revised 0.9 percent drop in November and missing market expectations of a 0.5 percent advance. Pending Home Sales in the United States averaged 0.79 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 1.10 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 1.60 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.