3 months Free Trail

Get world class research developed by an in house team of professionals backed with strong institutional support. With reports that span across time horizons, styles and easily actionable strategies, you are never too far from executing a winning trade.

Key features and benefits of Registeration :
  • My Portfolio : Access 360° View not only of your Portfolio with Emkay, but all your Investment Portfolios
  • Emkay Research : Get Emkay's exclusive Research Reports & Trading Ideas.
  • My Watch list : Track your favorite stocks, Derivatives, Currencies, Commodities, Mutual funds on the go
  • Markets : Grab Stock Market Information at your fingertips
  • News & Announcements : Stay Updated 24x7 with news that matters.
  • Alerts : Get Alerts on Emkay Research, Trading Ideas, news on your portfolio holdings & watchlist

Generate password

Change password

Forgot Customer Code

Would you like to create a personalised login id for logging in to Emkay Website ?

Change Personalised Login ID

US pending home sales sank 20.8% in March

Share Source By

Dion Global

30 Apr 2020

US home sales showed signs of collapsing in March, as the number of contract signs plunged sharply because of the coronavirus outbreak.

The National Association of Realtors said Wednesday that its pending home sales index, which measures signed buyer contracts, plummeted a seasonally adjusted 20.8per cent in March from the prior month to a reading of 88.2.

That is the lowest level since May 2011, when the housing market was still dealing with foreclosures and crashing prices from the Great Recession. Pending sales have fallen 16.3per cent from a year ago.

The economic shutdown resulting from COVID-19 has hit real estate hard.

Sales listings were already tumbling, but would-be buyers are now also coping with a rattled stock market and an uncertain job outlook as 26 million people have filed for unemployment aid in the past five weeks.

Still, the Realtors expect sales to begin recovering once the outbreak subsides because mortgage rates have been historically low.

Housing had been looking up before the virus spread. The Census Bureau said Tuesday that the home ownership rate climbed during the first three months of this year to 65.3per cent, up from 64.2per cent a year earlier.

The share of people under 35 owning homes has jumped to 37.3per cent from 35.4per cent a year ago, though they have been less likely than prior generations to own a home.