The pending home sales index came out yesterday… and dropped to a record low score of 85.5 in August. Economists were expecting a 2% drop from July’s score of 91.4. But the index declined 6.5% -- the third biggest one-month fall on record.
Home sales dropping rapidly year over year
Overall, the index is down 21.5% since this time last year -- also an all-time record decline. Last week, we reported ‘new home sales’ at seven-year lows. Median prices are falling at a rate unseen since 1970.
Home sales dropping rapidly year over year
Overall, the index is down 21.5% since this time last year -- also an all-time record decline. Last week, we reported ‘new home sales’ at seven-year lows. Median prices are falling at a rate unseen since 1970.
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