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April
1
1
Pending Home Sales Fall
- Setting a soft tone for the usually busy spring season, pending home sales, which measure signed contracts on existing homes, fell 4.1% in February compared with January.
- This is the fourth straight month of declines in pending sales, which are an indicator of future closings, one to two months out.
- The median monthly payment on a new mortgage is now taking up a much larger share of a typical consumer's income. It jumped 8.3% in February compared with January.
In a grim sign for the housing market's busiest season, pending home sales, which measure signed contracts on existing homes, fell 4.1% in February compared with January, according to the National Association of Realtors. Sales were down 5.4% compared with February 2021. Analysts were expecting a slight gain. This is the fourth straight month of declines in pending sales, which are an indicator of future closings, one to two months out. Since this count is based on signed contracts in February, when mortgage rates really started to take off, it is a strong indicator of how the market is reacting to the new rate environment, especially as it is entering the crucial spring season.
- CNBC, March 25, 2022
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