Pending Home Sales Plummet 35% YoY – Biggest Drop Ever As Buyers Forfeit Deposits

Existing home sales collapsed but new home sales rebounded in April, which leaves pending home sales to break the tie and analysts expected a 17.3% MoM drop. However, pending home sales disappointed notably with a 21.8% MoM collapse, sending YoY sales crashing 34.6% – the most ever…

“The housing market is temporarily grappling with the coronavirus-induced shutdown,” which reduced listings and purchases, Lawrence Yun, NAR’s chief economist, said in a statement.

So while all sorts of narratives about lower rates were puked out to defend new home sales outlier data, it seems pending home sales did not get the message…

Every region crashed…

  • Northeast fell 14.5%; Feb. rose 2.8%
  • Midwest fell 22%; Feb. rose 4.2%
  • South fell 19.5%; Feb. fell 0.2%
  • West fell 26.8%; Feb. rose 5.1%

That is the lowest level of pending home sales since records began in 2001…

Source: ZeroHedge

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