New pending home sales data released Thursday revealed a disappointing trend in the housing market. The reading showed a 2.1% month-over-month decline, rather than the 0.5% increase economists expected. Pending transactions also disappointed, with a 6.6% drop year over year.This tracks the number of housing contracts that have been signed, but the transaction is not yet complete.Typically it takes 1 to 2 months to a close on uh to ultimately close on a home.
Data from the National Association of Realtors shows that pending home sales, a leading indicator for the housing sector fell 2.1% in May from the month prior and on a yearly basis, pending actions are down 6.6%. Data from Goldman Sachs shows that about 95% of mortgage borrowers have an interest rate below the current rate and almost 80% of rates are more than 2% percentage points below market rates.Yeah, the redfin data that you had mentioned before saying a typical Us home that's sold during the four weeks ending June 23rd sold for three tens of percent less than its asking price.
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