Following the declines in new- and existing-home sales, analysts (unsurprisingly) expected to see pending home sales drop for the 10th month of the last 11. They were right BUT the magnitude was remarkable.
Pending Home Sales plunged 10.3% MoMin September (way worse than the -4.0% expected), pushing the year-over-year plunge to 30.4% – its weakest since the trough of the COVID lockdown crisis…
Source: Bloomberg
That dropped the pending home sales index to its lowest since 2010 (ex the trough of the COVID lockdowns crisis)…
Source: Bloomberg
And in case you think it’s over, mortgage rates say no…
Source: Bloomberg
Is this where home sales will go before Powell is done?