The housing market may be stabilizing: Pending home sales climbed in March, with the South — including Texas — showing the most strength.
DALLAS — Pending home sales in March posted a modest increase, with the South — including Texas — continuing to show stronger performance than much of the country, according to the National Association of REALTORS.
The Pending Home Sales Index, which tracks contract signings for existing homes, rose 1.5% from February, the report found. Pending sales are considered a leading indicator of future home sales because they measure homes under contract but not yet closed. NAR noted that the level of contract activity typically translates into closed home sales within one to two months.
“The data shows a continuation of modest recovery in housing demand,” NAR Chief Economist Lawrence Yun said in the release.
Regionally, the South stood out with gains both month over month and compared to a year ago, outperforming the Northeast and Midwest, which saw declines. The West also posted gains, but the South remained one of the most consistent areas of growth.
For North Texas and the broader Southern region, the data suggests relatively stronger buyer activity compared to other parts of the country, even as the national housing market faces ongoing challenges.
“The South continues to benefit from population growth and job gains,” Yun said.
Despite the monthly increase, the report indicates the housing market remains uneven across regions, with affordability and supply continuing to influence activity.
Existing-home sales, which reflect completed transactions, fell 3.6% in March to a seasonally adjusted annual rate of 3.98 million, according to the National Association of REALTORS data released earlier this month. Despite the monthly slowdown across all regions, the South — including Texas — was one of the few areas to post a year-over-year gain, underscoring relatively stronger housing activity compared to other parts of the country.