Economics
US Pending Home Sales Drop for a Sixth Month in Worst Skid Since 2018
- Contract signings decreased 3.9% in April from a month earlier
- Climb in mortgage rates compounds ongoing affordability issues
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A gauge of US pending home sales fell in April for a sixth straight month as a steep climb in mortgage rates compounds affordability challenges.
The National Association of Realtors’ index of pending home sales decreased 3.9% from a month earlier to 99.3, the longest such skid since 2018, according to data released Thursday. Economists in a Bloomberg survey called for a 2.1% drop, per the median forecast.