Highlights
A 4.1 percent jump to 101.4 convincingly extends the strong upward trend for the pending home sales index. The number of contract signings for purchases of existing homes has been moving higher since September, as have the closings of these purchases. But the gain in closings, at only five percent during this period, is badly lagging the 17 percent gain for signings. Still, the gain for March is unusually strong and even given the usual stumbling blocks to closings -- appraisal problems, credit problems -- today's report will ease concern and may prompt some optimism for the spring housing market.

Market Consensus before announcement
The pending home sales index fell 0.5 percent in February, following a 2.0 percent gain the month before. Three of four regions showed monthly declines including the South which is by far the largest housing region. An important fact about pending home sales is that contracts do not always make it to closing due to credit and appraisal snags. These problems are bigger than in the past, adding further negative implications to the February dip in pending sales. Mild winter weather was supposed to have helped support sales traffic and actual purchases, but that does not appear to have happened.

2012 Released Schedule

Released On: 1/21 2/23 3/22 4/22 5/26 6/23 7/22 8/25 9/23 10/21 11/25 12/24 Release For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov