Pending home sales collapsed 38.60%, the largest annual drop ever.
Source: Bloomberg via ZeroHedge
That is the 6th straight month of pending home sales declines (and 12th of the last 13 months).
On a year-over-year basis, pending home sales collapsed 38.60%, the largest annual drop ever.
“There are approximately two months of lag time between mortgage rates and home sales,” Lawrence Yun, NAR’s chief economist, said in a statement.“With mortgage rates falling throughout December, home-buying activity should inevitably rebound in the coming months and help economic growth.”
Pending sales fell in all four regions in the month, led by the Northeast and Midwest.