Ekonomické zprávy
30.05.2024

U.S. pending home sales decline much more than anticipated in April

The National Association of Realtors (NAR) reported on Thursday its seasonally adjusted pending home sales index (PHSI) plunged by 7.7 per cent m-o-m to 72.3 in April, following a downwardly revised 3.6 per cent m-o-m jump (from +3.7 per cent m-o-m) in March. This marked the steepest decline in pending home sales since April 2020 (-20.9 per cent m-o-m).

Economists had expected pending home sales to decrease 0.6 per cent m-o-m in April.

On a y-o-y basis, the index tumbled 7.4 per cent after an unrevised 0.1 per cent uptick in March.

According to the report, pending home sales operations plummeted in the Midwest (-9.5 per cent m-o-m), West (-8.5 per cent m-o-m), South (-7.6 per cent m-o-m) and Northeast (-3.5 per cent m-o-m). Compared to April 2024, all four U.S. regions also posted declines, led by the Midwest (-8.7 per cent y-o-y).

Commenting on the latest report, Lawrence Yun, NAR’s chief economist, noted that the impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market. “But the Federal Reserve's anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply," he added.

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