Interest Rates

NAR: Pending Home Sales Off 13.3 Percent 

The NAR reported its monthly Pending Home Sales Index this morning, which showed the May index 13.3 percent below year-ago levels and down 3.5 percent from April’s reported index numbers. Regular HW readers know I put much more weight on the annual comparisons, so you’ll be interested to know the April YOY comparison stood at a 10.3 percent decline — which means this month’s reading is, at least in terms of YOY, worse than April.