The numbers: An indicator of existing-home sales fell in April, suggesting that the housing market could be cooling in the face of high home prices.
On an annual basis pending home sales were up nearly 52%, but at this time last year, pending sales had fallen to a record low as the onset of the COVID-19 pandemic brought real-estate transactions to an abrupt halt. The pending home sales index measures real-estate transactions where a contract was signed for a previously owned home but the sale had not yet closed, benchmarked to contract-signing activity in 2001. Economists polled by MarketWatch had projected a 1% increase for pending home sales in April.
But the latest pending sales report offers reason for caution. Buyers who have been unable to get into a contract for a home may eventually opt to give up and wait, hoping the market will be less competitive. That could throw cold water on the hot housing market, which could have ripple effects across other parts of the economy.
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