Pending home sales increased slightly in March, but the lack of choice among prospective buyers continues to impede the number of new contracts. The Pending Home Sales Index increased 0.4% in March, but remains 3.0% below the level a year ago, and the PHSI declined on an annualized basis for the third straight month. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI increased to 107.6 in March from a downwardly revised 107.2 in February.
Source: NAHB