Pending Home Sales Crash Most In 6 Years – ‘Supply’ Blamed

Following April’s exuberant 6 year high bounce (revised lower from 5.1% to 3.9%), May saw pending home sales plunge 3.7% – the biggest drop since May 2010. Sales declined in all 4 regions (with a 4.2% plunge in Midwest to January lows). This is the first annual drop in home sales in 2 years (-0.2%) and realtors are blaming ‘supply’ on the slump… sure (and all that pent up demand).
Remember April…

Well May gave it all back…

This post was published at Zero Hedge on Jun 29, 2016.