Following the declines in new- and existing-home sales, analysts (unsurprisingly) expected to see pending home sales drop for the 10th month of the last 11. They were right BUT the magnitude was remarkable.
Existing-home sales dropped for the fifth straight month in June, according to the National Association of REALTORS®. Three out of four major U.S. regions experienced month-over-month sales declines and one region held steady. Year-over-year sales sank in all four regions.
After the unexpectedly large drops in new- and existing-home-sales, analysts expected pending home sales to also fall in March (though only modestly) and they did, dropping 1.2% MoM (worse than the 1.0% drop expected) leaving pending home sales down 8.9% YoY…
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