Contracts to buy previously owned homes in the US fell 5.1 percent over a year earlier in May of 2020, following a record 33.8 percent plunge in the previous month due to the coronavirus crisis. Sales continued to fall in the Northeast (-33.2 percent), the West (-2.5 percent) and the Midwest (-1.4 percent) but rose in the South (1.9 percent). On a monthly basis, pending home sales surged 44.3 percent, the biggest rise ever and following a record 21.8 percent fall in April. Figures beat market forecasts of an 18.9% rise as every major region recorded an increase in month-over-month pending home sales transactions. "The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be down by less than 10 percent - even after missing the spring buying season due to the pandemic lockdown,” Lawrence Yun, NAR’s chief economist said.
Pending Home Sales in the United States averaged 0.60 percent from 2002 until 2020, reaching an all time high of 30.90 percent in October of 2009 and a record low of -33.80 percent in April of 2020. 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. United States Pending Home Sales - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
Pending Home Sales in the United States is expected to be -3.50 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 2.50 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.