Pending home sales, which measure signed contracts on previously owned and existing properties, ↑ 0.7% MoM in May.Home sales were strongest in the Northeast, ↑ 15%. In the Midwest, they ↓ 1.7%, and also in the West, they ↓ 5%. Pending home sales were still ~14% lower YoY, as buyers have had to contend with rising mortgage rates in 2022.
Market Update