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Pending Home Sales Plunge As Buyers Suddenly Balk
Pending home sales in the US plummeted in April, a Thursday update showed.
Contract signings dropped 7.66% last month from March, according to the NAR. Economists -- God bless 'em -- collectively predicted a 1% decline.
The MoM slowdown was the most pronounced in a quite a while and bodes ill for existing home sales. Contract signings are (obviously) a leading indicator.
Do note: The actual index print -- 72.3 -- was the lowest since the plunge witnessed during the earliest months of the pa
“Frozen” feels like the better assessment. House prices are working higher on low volume (ref Case-Schiller etc) and there aren’t enough forced sales/REO to break the trend.