| Event | Consensus | Actual | Previous |
| Pending Home sales | 0.1% | 3.2% | 2.1% |
| Construction Spending | -1.4% | 0.3% | -1.0% |
Courtesy of FXstreet.com
Pending Homes sales
- Index is a forward indicator, measures contracts signed, not completed sales.
- “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment”
- "If inventory goes down - it's at just under 10 months now - to below eight months, that would mean we're on the way to a sustainable recovery," Yun said.
- The South saw the largest gain of any region, with pending home sales jumping 8.5%. Pending sales are 7.7% higher there compared with a year ago.
- The Midwest gained 3.9% from February and 1.7% year-over-year. Northeast sales fell 5.7% and are off 24.1% compared with March 2008. The West dropped 1% for the month but are up 8.2% year-over-year.
Construction Spending
- February spending revised downward to a 1% drop from the 0.9% decrease.
- Private construction slipped 0.1% mostly from a 4.2% decrease in residential building which makes up more than 1/3 of the category. Spending rate of $258 billion was still the lowest in nearly 12 years.
- Public construction on the other hand increased 1.1% in March and 1.3% in February. Most of the boost came from state and local governments.
- The $309 billion rate of public construction spending was 2.6% higher than in March 2008.
Courtesy of Fortune.com
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