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Home sales based on contract signings jumped in March despite elevated mortgage rates that month.
Pending home sales — a forward-looking indicator based on contract signings rather than closings — climbed 3.4% in March, the National Association of Realtors® reported Thursday, which was “the best performance in a year,” according to a release. Contract signings rose across the country in March from the prior month, except in the Midwest.
Despite the March gain, pending home sales are still “in a fairly narrow range over the last 12 months without a measurable breakout,” NAR’s chief economist, Lawrence Yun, said in a release. “Meaningful gains will only occur with declining mortgage rates and rising inventory.”