Pending Home Sales Suffer Worst Decline Streak Since Financial Crisis

Thursday, May 30, 2019
By Paul Martin

by Tyler Durden
Thu, 05/30/2019

Despite disappointing weakness in new- and existing-home sales in April, pending home sales were expected to maintain their gains, rising 0.5% MoM (after a 3.8% MoM rise in March).

However, the analysts were way off, as pending homes sales slipped 1.5% MoM

Only the Midwest managed a rise in sales…

Northeast fell 1.8%; March fell 1.7%

Midwest up 1.3%; March rose 2.6%

South fell 2.5%; March rose 4.4%

West fell 1.8%; March rose 8.8%

“We are seeing migration to more affordable regions, particularly in the South, where there has been recent job growth and homes are more affordable, Lawrence Yun, NAR chief economist said.

This is the 16th month in a row of YoY declines in pending home sales…(this is the longest streak of losses since the financial crisis)

The Rest…HERE

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