Here come pending home sales ...
Aug 26, 2024, 02:42 IST
Economists forecast that pending sales of condos, coops, and single-family homes rose 0.5% in April from the prior month, according to Bloomberg. Pending sales are based on signed contracts that have not yet closed, so they are a leading indicator of future sales.
Last month, the NAR said the stock market's rise and the expectation that interest rates would rise was spurring "significant interest" in homebuying. Housing supply - especially in the more affordable lower-to-mid price range - was not keeping up with the level of demand as the market entered the busy spring season, the NAR said.