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Pending home sales in April fell 7.7%, according to the National Association of Realtors®. All four U.S. regions registered month-over-month and year-over-year decreases.

The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – decreased to 72.3 in April. Year over year, pending transactions were down 7.4%. An index of 100 is equal to the level of contract activity in 2001.

“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market,” said NAR Chief Economist Lawrence Yun. “But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply.”

Pending Home Sales Regional Breakdown
The Northeast PHSI fell 3.5% from last month to 62.9, a decline of 3.1% from April 2023. The Midwest index dropped 9.5% to 70.7 in April, down 8.7% from one year ago.

The South PHSI lowered 7.6% to 88.6 in April, dropping 8.2% from the prior year. The West index decreased 8.5% in April to 55.9, down 7.3% from April 2023.

“Home prices are hitting record highs, but the pace of gains should decelerate with more supply,” said Yun. “However, the prospect of measurable home price declines appears minimal. The few markets experiencing price declines will be viewed as second-chance opportunities for buyers to enter the market if those regions continue to add jobs.”

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Growing sales in real estate and beyond, requires a multifaceted approach that encompasses marketing strategies, client engagement, market understanding and more. The following are some best practices to help sales professionals achieve sustainable growth:

  1. Learn your audience: Conducting market research is so important prior to making any cold calls or outreach. Market research will help you understand industry trends, client preferences and the competition. Next, by taking the time to gather feedback from your clients and prospects, you will zero-in on their needs and pain points.
  1. Deliver superior services: This might sound obvious, but it will serve you well. Ensure your services exceed client expectations. Through continuous innovation, you will keep your offerings relevant and better than your competition.
  1. Strengthen your client relationships: By providing exceptional customer service, trust will be established and maintained. Resolve issues right when they happen. Don’t wait. And tailor your offers to the specific needs of different client segments. There is no one-size-fits-all here.
  1. Optimize sales processes: Use a CRM software to manage and track all sales leads. Excel spreadsheets are not sufficient. Data analytics will track sales performance and identify patterns and trends. You can’t make informed decisions without this detailed feedback.
  1. Expand your outreach: In terms of geographical expansion, it’s a good idea to explore new markets and regions in order to gain new clientele. Next, by diversifying your approach, you will also reach a wider audience. You can use a mix of direct sales and online platforms.

By combining these 5 suggestions, you can effectively grow sales in real estate and any industry for that matter. You want to build a strong foundation for sustained success and growth.

For more tips on Sales, watch this video that discusses sales in the context of real estate:

 

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