US pending home sales
- Prior month +3.4%
- Pending home sales month on month change -7.7% versus -0.6% expected
- Pending home sales index 72.3 vs 78.2 last month
- Pending home sales -7.4% y/y vs +0.1% y/y prior
This is the largest drop in three years and shows that higher rates are biting. Rates rose from 6.9% at the end of March and rose to 7.7% by the end of the month. All regions show sharp declines, led by the south and midwest.
