Stacie Henderson’s Post

Pending Home Sales Slumped 7.7% in April

Pending Home Sales Up 4.8% in June

New home sales fell 11.3% in May to a seasonally adjusted annual rate of 619,000 units. Sales year-to-date are running 0.3% behind sales through the first five months of 2023.

Pending Home Sales Receded 4.9% in January

Pending Home Sales Rose 1.6% in February

The NAR's pending home sales index for February is up 1.6 percent to a reading of 75.6 after a negligible upward revision to 74.4 in January. 

Mortgage rates back above 7% and indications are that rates will remain higher for longer. Together with low inventory of homes and higher insurance rates indicate affordability challenges will be with us for a while.

Home sales fell by 1.7% month/month in May (a 2.9% year/year decline) … there have been only two months in the past decade with fewer home sales: October 2023 and May 2020 per Redfin 

Sales decline with a combined median sale price increase year/year. A harbinger of stability for residential housing and dare I say optimistically bullish. Rates are high but not abnormally high by historical standards. As such there is a runway for moderate price growth in the next 18-36 months. Not gangbusters, but moderate.

Pending Home Sales Up 1.6% in February