US Pending-Home Sales Drop to Lowest This Year on Limited Supply
- Contract signings fell 2.7% in May, lower than most estimates
- Sales slid in three regions, with Midwest lowest since 2020
Homes at a development in Thornton, Colorado.
Photographer: Chet Strange/BloombergThis article is for subscribers only.
US pending home sales in May fell to the lowest level this year as high mortgage rates and inventory constraints continue to impact sales.
The National Association of Realtors’ index of contract signings to purchase previously owned homes dropped 2.7% to 76.5 last month, according to data released Thursday. The decrease was bigger than all but one estimate in a Bloomberg survey of economists.