US pending home sales rose 3.8 percent in March
The pace of home price growth has also slowed after years of being consistently higher than wage gains. Read more on realestate.boston.com.
WASHINGTON (AP) — More Americans signed contracts to purchase homes in March compared with the prior month.
The National Association of Realtors says that its pending home sales index climbed 3.8 percent to 105.8. Home sales have been recovering as mortgage rates have retreated; the average 30-year rate peaked at just below 5 percent in November. Still, pending home sales are running 1.2 percent below their pace a year ago.
The pace of home price growth has also slowed after years of being consistently higher than wage gains, reducing the affordability pressures for would-be buyers.
Pending sales is a measure of home purchases that are usually completed a month or two later.
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