Pending Home Sales Tumble To Lowest In A Year (And It’s About To Get Worse)

Monday, February 27, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Feb 27, 2017

Against expectations of a 0.6% rise, pending home sales in January plunged 2.8% MoM – the biggest drop since May.

The West – the most expensive region – saw the biggest decline, down 10.3% MoM with The Midwest also tumbling 5.2% MoM.

As mortgage rates have soared since the election (and mortgage applications tumbled), affordability has become a major issue according to NAR with pending home sales at the lowest in a year.

Lawrence Yun, NAR chief economist, says home shoppers in January faced numerous obstacles in their quest to buy a home.

“The significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay,” he said.

“Buyer traffic is easily outpacing seller traffic in several metro areas and is why homes are selling at a much faster rate than a year ago. Most notably in the West, it’s not uncommon to see a home come off the market within a month.”

The Rest…HERE

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