Currently Reading

Pending Home Sales Plunge in April, But Demand Signals a Rebound


Pending Home Sales Plunge in April, But Demand Signals a Rebound

May 29, 2020
Aerial of homes in Fort Worth
By Chris Burk

Though April housing demand signals the start of a recovery, the month's number of pending sales reflected the strain in previous months due to stay-at-home orders and uncertain economic conditions. Pending home sales plummeted 21.8 percent in April compared with March, falling further than economists expected, according to CNBC. They fell 33.8 percent annually, the largest decline since NAR started tracking pending home sales in 2001, and Lawerence Yun, NAR’s chief economist, predicts May will dip even further before the returning demand translates into actual sales. 

Pending home sales, which measure signed contracts on existing homes, fell a steeper-than-expected 21.8% in April, compared with March, according to the National Association of Realtors. Sales were down 33.8% compared with April 2019. That is the largest decline since the NAR began tracking this metric in January 2001.

“With nearly all states under stay-at-home orders in April, it is no surprise to see the markedly reduced activity in signing contracts for home purchases,” said Lawrence Yun, NAR’s chief economist.

Regionally, pending sales in the Northeast fell 48.2% month to month and were 52.6% lower than a year ago. In the Midwest, sales dropped 15.9% for the month, and were down 26% from April 2019. Sales in the South fell 15.4% monthly and 29.6% annually. In the West dropped 20% monthly and 37.2% annually.

Read More

Related Stories


This Flat-Fee Brokerage Wants to Disrupt Denver’s Real Estate Market

Utah-based real estate brokerage, Homie, promises to have your back as a homie should. The company calls itself “disruptive” and wants to use…

Sales + Marketing Trends

Measuring Buyer Demand From Showing Appointments

Measuring buyer demand in a different way, the ShowingTime Showing Index compares the number of appointments made for virtual or in-person …


What Features Prospective Buyers Focus on During Showings

What do homebuyers look at first when touring a prospective home? With the help of some eye-tracking spyglasses, there are actual hard facts that…


More in Category


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.