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  • Leonard Brecken

Pending Home Sales Confirm Downturn

All three housing indicators 2 real-time (existing & new) and one leading (pending) have confirmed that higher interest rates (4 year highs on 10 Treasury rates) are negatively impacting demand. Pending Home sales for January reported today by the National Association of Realtors fell by 1.7% overall while 3.9 percent in the South. The spin that supply is the primary issue simply does not fully address why demand is falling as affordability is a key driver.

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