Pending Home Sales Suffer Worst Decline Streak Since Financial Crisis

[McRocket]

'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)

Also notable from the chart above is that each of the rebounds from home sales declines has been weaker and weaker.

Yun said the sales dip has yet to account for some of the more favorable trends toward homeownership, such as lower mortgage rates.

"Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising,” he said. “It’s inevitable for sales to turn higher in a few months."

"Home price appreciation has been the strongest on the lower-end as inventory conditions have been consistently tight on homes priced under $250,000. Price conditions are soft on the upper-end, especially in high tax states like Connecticut, New York and Illinois."

The supply of inventory for homes priced under $250,000 stood at 3.3 months in April, and homes priced $1 million and above recorded an inventory of 8.9 months in April.'


Pending Home Sales Suffer Worst Decline Streak Since Financial Crisis


The greatest economy in modern times?

 

[Dekster]

People are fleeing blue state LOL. Should help turn more violet states blue

 

[Rambunctious]

Here comes the push to hammer down the growing economy....the anti Trumpers will do anything to stop Trump from winning in 2020...but it won't work...the people expect the left to try and ruin our good economy.....they did it to Bush but it won't work this time....

 

[depotoo]

Here comes the push to hammer down the growing economy....the anti Trumpers will do anything to stop Trump from winning in 2020...but it won't work...the people expect the left to try and ruin our good economy.....they did it to Bush but it won't work this time....

McRocket can’t stand the booming economy. Lol

 

[Camp]

Recession is coming?

 

[Deplorable Yankee]

real estate still flat ? im shocked

I blame trump

 

[Issa]

Feom what've seen, prices are dropping by the week. With the trade war it will get nasty.
As usual a GOP president always desteoy what a DNC president built.

Disclaimer: not a pro Obama nor Clinton, but the imbecils of the right always manage to vote for a clown.

 

[westwall]

Feom what've seen, prices are dropping by the week. With the trade war it will get nasty.
As usual a GOP president always desteoy what a DNC president built.

Disclaimer: not a pro Obama nor Clinton, but the imbecils of the right always manage to vote for a clown.

Spoken like a true progressive. Obummer was destroying the economy of this country. His actions were suffocating the country.

It is only because we are so productive as a a nation that he didn't permanently damage it.

 

[Deplorable Yankee]

Feom what've seen, prices are dropping by the week. With the trade war it will get nasty.
As usual a GOP president always desteoy what a DNC president built.

Disclaimer: not a pro Obama nor Clinton, but the imbecils of the right always manage to vote for a clown.

all that will be is an opportunity to buy

 

[Deplorable Yankee]

ya know what the problem is with real estate.
the little flippers saturated the market nationwide
its definitely impacted markets all around the nation

a lot of them are eating it right now

IT not democratic policy or wall st this time ....even interest rates are still LOW
OH ITS MAIN ST.....and hgtv ....derp

over the last decade everyone and thier aunt Susie is a flipper

 

[depotoo]

Yet new homes sales are up over all from 2018

 

[theHawk]

Recession is coming?

Leftwingers certainly are hoping so.....

 

[HereWeGoAgain]

I get people trying to buy my house at least once a week.
Houses in my neighborhood sell within a month of being put on the market.
The one nextdoor sold for 960k just a few months ago,it was on the market for two weeks.

 

[HenryBHough]

Funny!

House down the street went on the market at 9am last Thursday morning. At which time three potential buyers were on the doorstep waiting, each having heard the house MIGHT go up for sale. Bidding war ensued right on the spot and the sales agreement was signed, earnest money in hand, in less than one hour. Sale price hadn't been announced prior to listing and all of the initial offers were in excess of the owner's planned price. When the dust settled the price paid was 18.5% above what had been planned (and which was slightly above the price at which previous sales in the area had brought).

Might have gone higher had the owners waited for the other two potential buyers who didn't get there until noonish.

Yeah, tell me how housing prices are collapsing.......