The decline of pending home sales for March was as much as 5.2% m/m (expected: +0.5% m/m; previous: 0.0% m/m). The last time such a large decline was recorded was last October. On an annual basis, this is a huge 23.2% decline. Sales y.y retreated in all four main, US regions but m/m increased slightly in the South.
The turn of 2022 and 2023 was very good in terms of sales, although it was only an improvement over the weaker previous months. In the report we can that the main reason for the decline is the low supply of available properties. Nonetheless, in part, we can surmise that this is also a reduction in activity on the part of buyers.
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