US pending home sales jump in March
A closely-followed leading indicator for the health of the US housing market perked up last month.
The National Association of Realtors' Pending Home Sales index jumped by 3.8% month-on-month in March to reach 105.8 (consensus: 1.0%), with contract signings growing by 1.2% in comparison to a year ago.
"We are seeing a positive sentiment from consumers about home buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favourable," said NAR chief economist Lawrence Yun.
At the regional level, and in comparison to February, the PHI saw the biggest increases in the South and the West, rising by 4.4% and 8.7%, respectively.
Yun was quite upbeat on the medium-term prospects for the housing market, arguing that running at annualised pace of 5.0m new home sales were exactly where they were at in 2000, but now there were 50m more people in the country.
"There is a pent-up demand in the market, and we should see a better performing market in the coming quarters and years."