US Pending Homes Sales Tumble YoY For 13th Straight Month

After plunging further in December, January Pending Home Sales rebounded more than expected (+4.6% MoM vs +1.0% MoM exp) but remains lower YoY for the 13th straight month.

https://www.zerohedge.com/s3/files/inline-images/2019-02-27_7-03-55.jpg?itok=9ismcUUK

“A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,” NAR Chief Economist Lawrence Yun said in a statement.

“Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers.”

On a Year-over-year basis, the rebound left Pending Home Sales down just 2.27% YoY, but that is still the 13th annual drop in a row…

https://www.zerohedge.com/s3/files/inline-images/2019-02-27_7-05-13.jpg?itok=7nDh-48k

Source: ZeroHedge

***

More Home-Sellers are Dropping Their Prices Than in Previous Winters as Buyers Seize More Control of the Market

https://www.redfin.com/blog/wp-content/uploads/2019/02/price-drops-national_february-2019.png

More than one in five homes for sale nationwide dropped its price in the last month. In Fresno it was two in five.

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