Pending Home Sales Suffer Worst Decline Streak Since Financial Crisis
by Tyler Durden
ZeroHedge.com
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
