Pending home sales
- Prior was +1.6% (revised to +0.8%)
- Pending home sales y/y +2.7 vs -2.0% prior
There look to be some skews here with revisions. There is talk about the pickup in mortgage rates and worsening affordability. On the flipside, bulls say it's just a lack of inventory.
"The significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay," Lawrence Yun, NAR's chief economist, said in a statement. "Last month's retreat in contract signings indicates that activity will likely be choppy in coming months as buyers compete for the meager number of listings in their price range."
