This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

March Pending Home Sales Jump 5.1%

WASHINGTON ( TheStreet) -- Pending home sales jumped 5.1% in March, according to a National Association of Realtors report released Thursday morning.

An index that measures the number of contracts signed to buy previously owned homes in the U.S. jumped 5.1% in March month-over-month to a reading of 94.1, from a downwardly revised reading of 89.5 in February . The figure remained 11.4% below year-earlier levels.


Economists had expected the figure to rise 1.7%.

Pending home sales are viewed as an indicator of future home sales since they reflect contracts -- not closings -- and generally occur with a lag time of one to two months.

Data released on Monday showed that new-home sales jumped 11.1% in March to a seasonally adjusted annualized rate of 300,000 units , a bigger jump than expected. March's new-home sales figure remained 21.9% below year-earlier levels.

Last week the National Association of Realtors reported that existing-home sales rose 3.7% in March to a slightly better-than-expected seasonally adjusted annual rate of 5.1 million units.

March's rate of home resales remained 6.3% below year-earlier levels, and 24.8% below the cyclical peak of 6.49 million units in Nov. 2009, which was the first month following the initial deadline for the first-time homebuyer tax credit .

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
BZH $18.05 0.00%
DHI $25.79 0.00%
LEN $46.82 0.00%
MTH $43.30 0.00%
PHM $19.62 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs