Published: 2024-06-27T14:09:45.000Z
U.S. May Pending Home Sales below levels seen at height of pandemic
Senior Economist , North America
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May’s 2.1% decline in pending home sales unexpectedly extended a sharp 7.7% fall seen in April and take the series below the April 2020 low seen at the height of the pandemic.
Pending home sales have recently shown some inconsistency with existing home sales but this data suggest that exiting home sales are going to extend recent slippage from a sharp spike in February, similar to what was seen after a sharp spike in February of 2023.
Housing sector data has recently been showing signs of slipping, responding to higher mortgage rates as UST yields spiked in Q1. Mortgage rates have however recently corrected lower, which may start to give some support to housing demand later in the year.
