Pending home sales fall in May

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Pending home sales in the U.S. fell sharply by 6.3% in April, according to the National Association of REALTORS®. All four major regions experienced monthly declines, with the West seeing the steepest drop. Compared to last year, pending transactions decreased by 2.5% overall. The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell to 71.3 in April. A reading of 100 represents the average contract activity in 2001.

Regionally, the Northeast saw a 0.6% monthly decline and was down 3.0% compared to last year. The Midwest dropped 5.0% from the previous month but saw a 2.2% increase year-over-year. The South experienced a 7.7% monthly decrease and was down 3.0% annually. The West suffered the largest monthly loss, falling 8.9%, and was down 6.5% compared to last year.



NAR Chief Economist Lawrence Yun said the slowdown is largely due to high mortgage rates, which are discouraging buyers even though housing inventory is rising. He emphasized that lower mortgage rates are essential to bring homebuyers back to the market. Yun also noted that buyers may find better opportunities in the Midwest, where the median home price is $313,000, about 25% below the national median. With inventory levels at five-year highs, buyers across most regions have more negotiating power.
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