Contracts to buy previously owned homes in the US jumped 2.5 percent from a year earlier in August 2019 amid lower mortgage rates, after falling 0.3 percent in July and easily beating market expectations of 1.9 percent drop. Pending home sales were up in the South (1.4 percent), West (3.1 percent), Midwest (0.6 percent), and Northeast (1.4 percent). On a monthly basis, pending home sales climbed 1.6 percent, while markets had forecast 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 1.20 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 1.50 in 12 months time. In the long-term, the United States Pending Home Sales is projected to trend around 1.70 percent in 2020, according to our econometric models.