US Pending Home Sales Plunge Most In 30 Months - (Don't Shoot The Messenger)

[Ken M.]

US Pending Home Sales Plunge Most In 30 Months, Back Near Record Lows

Thursday, May 29, 2025 - 07:09 AM  By Tyler Durden 

US Pending Home Sales plunged 6.3% MoM in April - far more than the 1.0% MoM decline expected (below all estimates) - and the biggest MoM drop since September 2022...

Source: Bloomberg

Dragging the Index of Pending Home Sales back down near record lows...

Source: Bloomberg

Sales fell in all four regions with the West experiencing the biggest drop of 8.9%.

As a reminder, pending home sales are often looked to as a leading indicator of existing-home purchases given properties typically go under contract a month or two before they’re sold.

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it is all about mortgage rates," said NAR Chief Economist Lawrence Yun.

My Answer: Nonsense, it's all about prices are far too high for the debt to income ratio of buyers. 

You could cut rates to zero and people still could not afford these prices. He is an economist, why doesn't he tell the truth? What's behind this gibberish?

Our first family home cost us $78,000 @ 8% ($572.34 a month PI) interest and 

the same house now is listed at over $1,000,000 @ 6.78% ($6,504.74 a month  PI) and then there is property tax (waaaay out of line), and insurance.  

On a related inflation scale it would be $228,203 @ 6.78% ($1,484.64 a month PI) 

NAR deserves to go away. Misinformation.