U.S. Pending Home Sales Drop for a Sixth Month in Worst Skid Since 2018

Source: National Mortgage News

A gauge of U.S. 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.

Mortgage rates are hovering near levels not seen since 2009, further straining buyers who are already grappling with record prices amid low inventory. Housing sales, including new-home purchases, are running at the slowest pace since the early months of the pandemic.