– Pending Home Sales Crash Most In 6 Years – ‘Supply’ Blamed:
Following April’s exuberant 6 year high bounce (revised lower from +5.1% to +3.9%), May saw pending home sales plunge 3.7% – the biggest drop since May 2010. Sales declined in all 4 regions (with a 4.2% plunge in Midwest to January lows). This is the first annual drop in home sales in 2 years (-0.2%) and realtors are blaming ‘supply’ on the slump… sure (and all that pent up demand).
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