Pending Home Sales Slump As NAR Warns "Activity Has Stalled"

[Account Closed]

Well, nothing to see here, move along . . . (Unless you flip homes for a living)

Pending Home Sales Slump As NAR Warns "Activity Has Essentially Stalled"

New Home Sales rose in May, Existing Home Sales dropped in May, and today we find out that Pending Home Sales also tumbled in May... so that's 2 down, 1 up - not good (especially as mortgage apps are tumbling in June)

This is the second monthly decline in a row, but Pending home sales are down 2.2% YoY - the 5th straight month of annual sales declines.

Home sales fell for the year in all regions YoY, but the decline in the last month was concentrated in the South, while the other three regions reported MoM increases.