Published: 2025-05-29T14:09:36.000Z
U.S. April Pending Home Sales - Renewed weakness
Senior Economist , North America
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Pending home sales with a 6.3% April decline have more than fully reversed a 5.5% March increase (revised lower from 6.1%) to resume a picture of underlying weakness. Recent gains in mortgage rates in response to rising UST yields may have contributed to the drop.
March’s strong rise may have been largely corrective from a record low in January which may have been exaggerated by bad weather, leaving scope for catch up gains in February and March.
January weakness and March strength in pending home sales were not reflected in existing home sales. Weakness in April pending home sales suggests downside risk in may existing home sales however.
