What I Saw Last Week
The NAR Pending Home Sales Index for May rose by 0.9% – below my call for an increase of 1.2%. I had expected to see a slowdown in May as a function of higher interest rates. The 30-year fixed rate was pegged at 3.68% at the end of April and rose to 3.87% by the end of May.
That said, the overall level of the index is still at its highest point since April of 2006 and 10.4% higher than seen a year ago.
Regionally, pending home sales rose 6.3 percent in the Northeast, and are 10.6 percent above a year ago. In the Midwest, sales declined 0.6 percent for the month, but are 7.8 percent above May of 2014. In the South they fell 0.8 percent but are 10.6 percent above last May, and in the West sales rose 2.2 percent and are 13.0…
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