Pending Home Sales Slumped in March. What’s Next for the Housing Market.
A forward-looking indicator of home sales slumped more than expected in March, the National Association of Realtors said Thursday—but the trade group’s updated forecasts hint at brighter days ahead.
Pending home sales—the association’s index based on existing-home contract signings—fell 5.2% in March from the previous month, marking the first decline since November 2022. Economists had predicted a much shallower 1.5% drop, according to consensus estimates compiled by FactSet.