Federal Reserve announcements and meeting minutes

US Pending Home Sales Drop 7.7% to Record Lows in Three Years

May 30, 2024, 02:35 PM

Pending home sales in the United States experienced the largest drop in three years in April 2024, falling by 7.7% month-over-month. This decline brought the overall level of activity to its lowest since the onset of the COVID-19 pandemic in April 2020. The year-over-year change was a decrease of 0.8%, contrasting with an expected increase of 2.0%. The drop in pending home sales, a leading indicator, is attributed to rising interest rates, which have affected the housing market significantly. The overall level of activity hit record lows.