Pending Home Sales Fall in March, NAR Says it’s Temporary
The National Association of Realtors is reporting that pending home sales were down 20.8% in March with the NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) decreasing to 88.2. In addition, they reported that year-over-year contract signings were down 16.3%. The NAR says these declines were expected as a result of the ongoing Coronavirus pandemic and they are temporary. Indeed….
“The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts,” said Lawrence Yun, NAR’s chief economist. “As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates.”
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