The National Association of Realtors is reporting that pending home sales were down 3.9% in April, 2022. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dropped to 99.3, down 3.9% month-pver-month. Pending sales have now dropped for eleven consecutive months.
“Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings…The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade.” Said Lawrence Yun, NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.
