US Pending Home Sales Plunge To Biggest Annual Drop Ever

After plunging by the most since COVID lockdowns in September, analysts expected US pending home sales to tumble once again in October and they did, dropping 4.6% MoM (September was revised slightly higher from -10.2% MoM to -8.7% MoM)…

This the 5th straight month of sales declines (and 11th of the last 12 months) leaving the YoY drop down over 36% – the biggest annual drop ever.