The choppy performance of the US housing market continued in June with pending home sales falling 0.8% MoM (considerably worse than the 0.2% MoM rise expected).

That left YoY sales down 0.3% - the seventh straight monthly decline in annual growth - leaving the total pending home sales index back near record lows...

The supply of existing homes for sale has reached an almost five-year high, as more people list their homes for sale, but the extra inventory isn’t yet pushing prices down.

Mortgage applications to buy a home dropped 5% last week and are down for the last five weeks... so don't hold your breath for any material improvement any time soon.

The Northeast was the only region to see a rise (+2.1% MoM) in pending home sales with sales in The West dropping the most (-3.9% MoM).

Pending-homes sales tend to be a leading indicator for previously owned homes, as houses typically go under contract a month or two before they’re sold.

...and The Fed cutting rates doesn't guarantee any improvement!!
{ai:summary}The US housing market showed continued weakness in June, with pending home sales declining 0.8% month-over-month, falling short of expectations. Year-over-year sales are down 0.3%, marking the seventh consecutive monthly decline, while the index remains near record lows.Despite an increase in existing home inventory to a nearly five-year high, prices are not decreasing. Mortgage applications have also dropped 5% last week, continuing a five-week downward trend. The Northeast saw a slight increase in pending sales, while the West experienced the largest decline. #economy

US Pending Home Sales Hover Near Record Lows After June Gloom

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