Because although it's true that this gauge of purchase activity just careened to an all-time low, it may have also signaled that the U.S. housing market has already hit rock bottom.
Economists knew that widespread lockdowns would upend real estate transactions. But they still didn't expect it to be this disruptive.
New statistics from the National Association of Realtors (NAR) reveal that pending home sales dove 21.8% in April, blowing past economist estimates of a 15% contraction.
Add in March's 16.8% downturn, and April contract signings fell an unbelievable 33.8% from the previous year. That's the biggest decline since NAR launched the index in 2001.
But just like with the consistently awful labor market data, what matters most to analysts isn't how ugly the statistics are. It's what they're going to look like in the weeks and months ahead.
And according to NAR Chief Economist Lawrence Yun, this is probably the worst they're going to get.