Have Pending Home Sales Hit Bottom? Market Rebound Predicted

By Liz Dominguez – RIS Media

April marked two consecutive months of declines for pending home sales, according to the National Association of REALTORS’® (NAR) Pending Home Sales Index (PHSI). Every major market saw a decline, with total YoY pending home sales transactions down 33.8 percent, and decreasing 21.8 percent from March.

According to NAR, this is the largest decline in pending home sales since they began tracking these transactions in 2001. The silver lining, however? This may be the low point for pending sales, with May possibly having the lowest closed sales. Economists are hopeful the markets will begin to bounce back soon.