In March, pending home sales saw their largest monthly increase since December 2023, primarily due to an average mortgage rate drop to 6.65%. Despite a 0.6% decline year-over-year, there is cautious optimism as most regions reported a month-over-month increase, especially the South (up 9.8%) and West (up 4.8%). Dismal existing-home sales fell 2.4% year-over-year, yet new-home sales rose by 6%. Despite this positive trend, rising rates and economic uncertainty, including falling consumer confidence linked to trade policy shifts, may hinder market momentum moving forward.
Pending home sales activity slightly decreased year-over-year, but a notable monthly increase indicates cautious optimism amidst economic uncertainty and rising mortgage rates.
Despite a monthly boost in pending home sales, market conditions remain subdued, reflected by a significant annual decline and fluctuating consumer confidence.
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