Pending home sales declined 3.9% from March to April, marking the sixth consecutive month of declines, the National Association of Realtors reported. Compared with April 2021, pending home sales dropped 9.1%.
Pending home sales declined 3.9% from March to April, marking the sixth consecutive month of declines, the National Association of Realtors reported. Compared with April 2021, pending home sales dropped 9.1%.
“Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings,” NAR Chief Economist Lawrence Yun said in a statement. “The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade.”
Regionally, month-over-month contract signings fell 16.2% in the Northeast, 4.7% in the South and 4.3% in the West. Pending home sales in the Midwest increased 6.6%.
The full NAR report can be found here.