Postponed home sales in the United States fell in March against expectations, newly published economic data showed.
The National Association of Home Builders (NAHB) index, which measures pending home sales, fell last month to 78.9 points, after rising 1.8 percent in March. <The National Association of Realtors index, which measures the movement of pending sales, fell 51.2TP3T m/m last month to 78.9 points, after rising 1.8TP3T to 83.2 points in the previous month, according to revised data. Analysts had expected the index to rise by 1.5TP3T last month.
Analysts had expected the index to rise by 1.5TP3T last month. Deferred sales fell last month for the first time since last November but are still 231.2TP3T below their level in March last year.
Deferred sales fell for the first time since last November. Deferred sales are those in which a preliminary contract is signed between two parties but the deal is not finalized, usually within four to six weeks of the contract being signed.
Lawrence said <Lawrence Yun, chief economist at the National Association of Real Estate Developers, said in a statement, “Lack of supply is a major impediment to higher sales... About one-third of units for sale are still receiving multiple bids, while 28% of units are being sold above their official asking price. The limited supply of housing is not meeting national demand.”
The National Association of Realtors still expects existing home sales in America to continue to improve in the coming months, but will continue to decline for the year as a whole.
National Association of Realtors (NAR) Existing-home sales are expected to decline by 91.3TP3T y/y to 4.56 million units this year before rising by 151.4TP3T to 5.26 million units next year.
Sales of existing homes are expected to decline by 91.3TP3T y/y to 4.56 million units over the next year. Meanwhile, new home sales are expected to rise by 41.5TP3T to 670,000 units this year, before rising by 111.9TP3T to 750,000 units next year.
The Federation of Developers expects new home sales to rise by 41.5TP3T to 670,000 units this year, before rising by 111.9TP3T to 750,000 units next year. <The Developers Association expects existing housing prices to decline by 11.8TP3T to 379.6$ per dwelling during the current year before rising by 21.8TP3T to 390.0$ per dwelling next year. New housing prices are expected to decline by 11.9TP3T during the current year to $449.1k per unit, then rise by 41.2TP3T to $468k next year.
New housing prices are expected to decline by 11.9TP3T during the current year to $449.1k per unit.
