Contracts to purchase previously owned homes in the US increased by 0.9% month-over-month in July 2023, marking the second consecutive month of increase and defying market expectations of a 0.6% drop, providing additional evidence that the housing market might be in the process of rebounding. Across various US regions, contract signings rose in the South and West, while experiencing a decrease in the Northeast and Midwest. In a year-over-year comparison, pending sales decreased by 14.0%, although at a slower rate than the previous month. NAR Chief Economist Lawrence Yun stated, "The slight gain in contract signings indicates the potential for further increases, considering that many individuals have faced disappointment from multiple failed home buying attempts. The job market is expanding, thus enlarging the pool of potential home buyers. However, the temporary barriers of rising mortgage rates and limited inventory have hindered the ability to purchase for many." source: National Association of Realtors

Pending Home Sales MoM in the United States averaged 0.01 percent from 2001 until 2023, reaching an all time high of 40.50 percent in May of 2020 and a record low of -30.30 percent in May of 2010. This page includes a chart with historical data for the United States Pending Home Sales MoM. United States Pending Home Sales MoM - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

United States Pending Home Sales MoM



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-27 02:00 PM Jun 0.3% -2.5% -0.5% -0.7%
2023-08-30 02:00 PM Jul 0.9% 0.4% -0.6% -0.4%
2023-09-28 02:00 PM Aug 0.9% 0.2%


Related Last Previous Unit Reference
Pending Home Sales -14.00 -15.50 percent Jul 2023
Existing Home Sales 4070.00 4160.00 Thousand Jul 2023
Pending Home Sales MoM 0.90 0.40 percent Jul 2023
Single Family Home Prices 406700.00 410000.00 USD Jul 2023

United States Pending Home Sales MoM
The Pending Home Sales Index, a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos and co-ops. When a seller accepts a sales contract on a property, it is recorded into a Multiple Listing Service (MLS) as a "pending home sale." The majority of pending home sales become home sale transactions, typically one to two months later. The National Association of Realtors collects pending home sales data from MLSs and large brokers. Altogether, data from over 100 MLSs & 60 large brokers is received providing a large sample size covering 50% of the existing home sales sample. This is equal to 20 percent of all transactions.
Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.40 40.50 -30.30 2001 - 2023 percent Monthly
SA

News Stream
US Pending Home Sales Rise for 2nd Month
Contracts to purchase previously owned homes in the US increased by 0.9% month-over-month in July 2023, marking the second consecutive month of increase and defying market expectations of a 0.6% drop, providing additional evidence that the housing market might be in the process of rebounding. Across various US regions, contract signings rose in the South and West, while experiencing a decrease in the Northeast and Midwest. In a year-over-year comparison, pending sales decreased by 14.0%, although at a slower rate than the previous month. NAR Chief Economist Lawrence Yun stated, "The slight gain in contract signings indicates the potential for further increases, considering that many individuals have faced disappointment from multiple failed home buying attempts. The job market is expanding, thus enlarging the pool of potential home buyers. However, the temporary barriers of rising mortgage rates and limited inventory have hindered the ability to purchase for many."
2023-08-30
US Pending Home Sales Rise for 1st Time in 4 Months
Contracts to buy previously owned homes in the United States edged up 0.3 percent month-over-month in June 2023, defying market expectations of a 0.5 percent drop, according to a survey from the National Association of Realtors. This increase follows three consecutive periods of decline and suggests that the housing market is attempting to recover from the low point caused by the unprecedented rate hikes delivered by the Fed. Looking at regional trends, contract signings increased in the Northeast and Midwest, but declined in the South and West. Year-over-year, pending transactions fell by 15.6 percent. The 30-year fixed mortgage rate is seen falling to 6.4 percent this year and further decrease to 6.0 percent in 2024. The NAR Chief Economist, Lawrence Yun also mentioned, "The presence of multiple offers implies that housing demand is not being satisfied due to a lack of supply. Homebuilders are ramping up production and hiring workers."
2023-07-27
US Pending Home Sales Fall for 3rd Month
Pending home sales in the US fell 2.7% month-over-month in May of 2023, to the lowest level this year, and worse than market forecasts of a 0.5% drop as limited supply and high-interest rates continue to negatively impact sales. The lack of housing inventory continues to prevent housing demand from being fully realized”, said NAR Chief Economist Lawrence Yun. Still, “Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing." Sales were lower in the Midwest (-5.3%), the South (-4.4%) and the West (-6.6%) but rose in the Northeast (12.9%). Year-on-year, contract signings declined 22.2%.
2023-06-29