US Pending Home Sales plunged 6.3% MoM in April – far more than the 1.0% MoM decline expected (below all estimates) – and the biggest MoM drop since September 2022…
Source: Bloomberg
Dragging the Index of Pending Home Sales back down near record lows…
Source: Bloomberg
Sales fell in all four regions with the West experiencing the biggest drop of 8.9%.
“At this critical stage of the housing market, it is all about mortgage rates,” said NAR Chief Economist Lawrence Yun.
“Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring home buyers back into the housing market.”
As a reminder, pending home sales are often looked to as a leading indicator of existing-home purchases given properties typically go under contract a month or two before they’re sold.
Tyler Durden
Thu, 05/29/2025 – 10:09
