Pending home sales in the United States fell by 3.9% in April, marking the sixth straight month of declines. XHB is up 3.20%, and ITB is up 3.20%.
Source: National Association of Realtors
- The Pending Home Sales Index stood at 99.3 in April, reflecting a 3.9% monthly decline and 9.1% annual decline.
- Only the Midwest posted monthly growth during the month at 100.7, indicating a 6.6% increase from the past month.
- The Northeast indicator posted a 16.2% monthly decline to 74.8, the South fell 4.7% to 119.0, and the West declined by 4.3% to 85.9.
- NAR Chief Economist Lawrence Yun expects existing-home sales to fall 9% in 2022, and home price appreciation to ease to 5% by the end of the year.
- Yun said the latest figures reflect the impact of 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.
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