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Despite “Super-Low Mortgage Rates”, July Pending Home Sales Plunge Back Into Contraction

Courtesy of ZeroHedge View original post here.

Breaking the tie between new (down) and existing (up) home sales, pending home sales tumbled 2.5% MoM in July (notably below the expectation of 0.0%) and stumbled back into contraction year-over-year.

Source: Bloomberg

All regions fell in July:

  • Northeast fell 1.6%; June rose 2.7%

  • Midwest fell 2.5%; June rose 3.3%

  • South fell 2.4%; June rose 1.3%

  • West fell 3.4%; June rose 5.4%

Pending Home Sales retreated back into contraction YoY (by 0.3%)…

Source: Bloomberg

“Super-low mortgage rates have not yet consistently pulled buyers back into the market,” Lawrence Yun, NAR’s chief economist, said in a statement.

“Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes.”

Pending home sales are often considered a leading indicator of existing-home purchases and a measure of the health of the residential real estate market in coming months.


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