Home sales growth has been tepid nationwide thanks largely to a cooling down of the housing market in the West, according to an analysis from Summit Valuations.
Pending U.S. sales increased 1.4% in March compared with February as well as with March 2015, the analysis said, citing data from the National Association of Realtors.
Regional results varied. Monthly and annual gains were reported in the Midwest and Northeast, while the South saw only a monthly gain. In the West pending sales fell 7.9% from February and -1.8% from March 2015.
The divide is expected to persist because of higher home prices in the West.
"In the next month or two we can expect an increase in the number of homes sold in the Northeast, Midwest and South, along with a decrease in the number of homes sold in the West," Summit's chief valuation officer, Mark Melikian, said in a news release Friday. "It should be noted that since the West leads the nation in median sales prices, affordability gaps may be contributing to the current decline in pending home sales."