No, Homes Did Not Sell Like Hotcakes: “Pending Home Sales” Plunged 34% in April, a Preview of “Closed Sales” in May

by Wolf Richter
Wolf Street

The housing market faces ferocious headwinds.

Pending sales of existing homes of all types in April – contracts on houses, condos, etc., that were signed in April but that haven’t closed yet – collapsed by 33.8% from April last year, after having plunged 16.3% year-over-year in March, with the index plunging to 69, according to the National Association of Realtors today. An index value of 100 represents the pending sales level of January 2001.

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