Pending Home Sales Index Shows Only Subdued Improvement

Existing home sales have been struggling to move higher and today's pending home sales index points to only subdued improvement. The March index rose 0.4 percent which is just below Econoday's consensus range. Pending sales in the West declined 1.1 percent with the Northeast down 5.6 percent, offset by 2.5 and 2.4 percent increases in the South and Midwest. The resale market, despite strong price appreciation that's approaching 8 percent, has been plagued by a limited number of homes on the market.