Pending Home Sales Index Surges 5.1%


Headline: Up 5.1%, month-over-monthExpectations: 1.6% growth, month-over-month

Analysis: Last month, the pending home sales index was up 2.1%, month-over-month. But that’s been revised down, so this month’s gains look a little stronger than they actually are.

We’re still down 11.4% year-over-year, March of last year being inflated by the tax credit, according to the National Association of Realtors.

The Northeast was a notable area of weakness in this report, while in the South the index jumped.

Read the full report from the NAR here >

Don’t miss: 10 cities where home prices are hitting brand new lows >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at