Pending Home Sales Increased 3.4% In March, Beating Analyst Expectations

On April 25, 2024, the National Association of Realtors released the Pending Home Sales report for March.

The report indicated that Pending Home Sales increased by 3.4% month-over-month in March, compared to analyst consensus of +0.3%. On a year-over-year basis, Pending Home Sales increased by 0.1%.

The National Association of Realtors expects that the median home price will grow from $389,800 in 2023 to $403,800 in 2024. The median new home price is expected to decline from $428,600 in 2023 to $426,100 in 2024 due to construction of smaller-sized homes.

The National Association of Realtors commented: “Home prices are expected to rise roughly in line with consumer price inflation and wage growth over the next two years.”

U.S. Dollar Index settled near the 105.80 level as traders reacted to the Pending Home Sales report. Most likely, traders will stay focused on the disappointing GDP data, which was released earlier. Treasury yields are moving higher, but this move does not provide sufficient support to the American currency.

Gold is trading near the $2320 level despite rising Treasury yields. Demand for safe-haven assets remains strong, which is bullish for gold markets.

SP500 moved away from session lows but stays under strong pressure. It remains to be seen whether the better-than-expected Pending Home Sales data would provide sustainable support to SP500 and other major indices as traders are worried about the performance of the U.S. economy and high Treasury yields.

For a look at all of today’s economic events, check out our economic calendar.