BREAKING: Pending US Home Sales dropped to 72.3 in April, lowest reading since the beginning of the pandemic in 2020. The index of contract signings, a leading indicator for US housing, fell by 7.7% last month which is the largest decline since February 2021.
Pending home sales contraction was recorded in ALL US regions. Aside from 2020, this was the largest drop in the indicator in 22 years. Higher interest rates are being blamed for the continued drop in inventory, according to the National Association of Realtors. Home-buying conditions are somehow getting worse.
