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IPFS News Link • Housing

US Pending Home Sales Unexpectedly Tumble In June "Due To Huge Spike In Prices"

• Zero Hedge

After rebounding surprisingly strongly in May (despite weakness in new- and existing-sales), pending home sales were expected to be unchanged in June, but instead they dropped 1.9% MoM, pushing pending home sales down 3.29% YoY...

"The moderate slowdown in sales is largely due to the huge spike in home prices," Lawrence Yun, chief economist at the NAR, said in a statement.

"Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat."

So in June, only existing homes saw sales rise and that was de minimus from a notably lower revision in May...