Pending Home Sales Disappoint In March, Realtors Blame “Low Inventory” Again

Pending Home sales 1.9%, Expected 4.4%, Last -11.5%

After a surge in new home sales and tumble in existing home sales, today’s pending home sales print is the tie-breaker for whether the housing bubble has peaked on the back of un-affordability and rising mortgage rates. After a 10.6% plunged in February (weather-related), analysts expected pending home sales to rebound 4.4% MoM in March, but were disappointed by a mere 1.9% rebound (and a downward revision to -11.5% MoM in February)…

Of course, thanks to the comps from last March’s collapse, the year-over-year surge of 25.3% is a little misleading (biggest YoY since March 2010).

So the new home sales surge looks like a big outlier for now…

It is likely that the severe winter weather that limited housing activity in February impacted March’s pending sales data and rising borrowing costs and skyrocketing property values have been pricing some buyers out of the market.

“Low inventory has been a consistent problem,” Lawrence Yun, chief economist at the NAR, said in a statement.

“With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high.”

All regions except the Midwest saw gains, with sales rising the most in the Northeast.

***

Biden’s ‘Go Big’ Plan Will Leave America’s Middle-Class “Addicted To Government… & The Democratic Party”

The vaccine is the pandemic: Biden to dump 60 million blood clotting Covid-19 vaccines from AstraZeneca on India

Biden forces working taxpayers to foot bill for those injured, killed by Covid-19 vaccines

“Vaccidents” now wrecking roadways with stroked-out vaccine takers who lose brain function behind the wheel

Famous Indian actor Vivekh dies day after promoting and taking COVID vaccine

Young pastor DIES not long after receiving, promoting Moderna’s experimental vaccine protocol

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.