- Prior was +2.2%
- Index 74.2 vs 79.0 prior
- 12 months-over-year, pending transactions declined 5.0%
- West lagged at -10.3% m/m
The index is on the lowest since August. Some housing numbers have been surprisingly sturdy these days however this can be a signal that prime mortgage charges are problematic. Exercise fell extra sharply within the high-priced areas of the
Northeast and West, the place elevated mortgage charges have appreciably lower
affordability.
“After 4 straight months of features in contract signings, one step again
is just not welcome information, however it’s not solely shocking,” mentioned NAR Chief
Economist Lawrence Yun. “Financial knowledge by no means strikes in a straight line.
Excessive mortgage charges haven’t considerably dented housing demand as a consequence of
larger numbers of money transactions.”
Given a number of the optimism in markets round progress and the minimal charge cuts priced in for the US (together with deficits probably staying excessive) and the housing market is a susceptible house in 2025.
