The home sales pending in the U.S. fell 0.8% in march, moderating the decline of 1.0% expected, but worse, the increase of the 5.5% seen in February, as announced by the National Association of Realtors.
The entity has reported that the pending sales maintained a high level but the momentum has slightly decreased in most parts of the country due to the shortage of supply weighed on activity. Only the southern U.S. saw a rise in sales last month.
Lawrence Yun, chief economist for the NAR, says that «low levels of inventory have caused a decline in the pending sales in march, but the activity was still strong enough to be the third best in the last year«.
«The buyers are domestic, are coming out in mass this spring and compete among themselves for the limited amount of ads in the range of affordable prices,» Yun said, adding that «in most areas, the lower is the price of a home for sale, the more competition there is for it.»