US pending home sales slid in April as contract activity fell for the sixth consecutive month.
- The Pending Home Sales Index (PHSI) dropped 3.9% to 99.3 in April. Year-over-year, transactions fell 9.1%.
- Lawrence Yun, NAR’s chief economist, stated that pending contracts are telling as they reflect the impact of elevated mortgage rates than closings.
- With rising mortgage rates, Yun projects existing-home sales to fall by 9% in 2022 and home price growth to ease to 5% by the end of the year.
On a monthly basis, the Northeast PHSI plunged 16.20% to 74.8 in April, a 14.3% fall from a year earlier. In the Midwest, the index jumped 6.6% to 100.7 last month, down 2.8% from April 2021.
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Source: National Association of Realtors