Pending home sales slide for sixth straight month in April

[mahatmakanejeeves]

Source: Yahoo! Money

Yahoo Money
Pending home sales slide for sixth straight month in April

Gabriella Cruz-Martinez · Personal finance writer
Thu, May 26, 2022, 11:49 AM

All signs point to a cooled off homebuying season before going into summer.

Pending home sales, a leading indicator of the health of the housing market, declined for the sixth straight month in April. The number of homes under contract to be sold edged down 3.9% from March, according to the National Association of Realtors’ (NAR), a larger decline than the 1.5% drop expected in the consensus outlook from Econoday.

The news follows a drop in both new and existing home sales, which showed housing activity had slowed for the past months as rising borrowing rates price out would-be homebuyers

“Pending contracts are telling as they better reflect the timelier impact from higher mortgage rates than do closings,” said Lawrence Yun, NAR’s chief economist in a press statement. “The latest contract signings … are at the slowest pace in nearly a decade.

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Read more: https://finance.yahoo.com/news/pending-home-sales-slide-154921670.html

[packman]

1. You mean the market for a 500K 2 bedroom on a 100 sq ft. lot has cooled?

[Javaman]

2. I know! hard to believe. LOL nt

[pfitz59]

3. I think cities need to outlaw investor-owned homes and condos

and reserve them for owner-occupants. Let investors build apartments. Owner-occupied neighborhoods fare far better in upkeep and maintenance, as well providing long-term stability.

[womanofthehills]

4. Agree - a friend who owns a single home house close to downtown Albuquerque, said neighbors

who have rented for yrs are all being kicked out as corporations buy up her block for b&’s. Corporations are paying cash so young people can’t complete. My boyfriend’s son & his wife tried for 6 months to buy a house and had to settle for a trailer - only thing they could find. My daughter is still renting as are my grandkids. When I was young, I could afford my own place, but my grandkids all have lots of roommates.