Pending Existing Home Sales Decline
The National Association of Realtors (NAR) reported April Pending Existing Home Sales declined over 1% (wildly missing a rise in Bloomberg expectations as well) vs prior month and 2% year over year. This continues the trend (see chart below red line) of falling since 2017 in likely response to rates rising. Pending home sales are considered a leading indicator for housing sales. However, the recent fall of longer term Treasury rates may signal stability short term in housing. These are the types of uncommon insights we provide our clients, particularly those in construction & real-estate to assist them in better business planning.
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