Having hit a ten-year high in April, the National Association of Realtors Pending Home Sales Index, for which 100 denotes an average level of activity, suddenly dropped 3.7 percent to 110.8 in May.  And for the first time since August 2014, the index is lower on a year-over-year basis, albeit by a nominal 0.2 percent.

In the West, the Pending Home Sales Index dropped 3.4 percent to 102.6, which is 0.1 percent lower versus the same time last year.

Comments from Plugged-In Readers

  1. Posted by mr miyagi

    This market seems to continue running and running, but the weight of the bubble will certainly trump any other economic data as always. And to all of the uber bull lemming naysayers, no I am not a hopeless buyer waiting for an apocalypse to buy my first home and leave my mom’s basement. I own a proverbial sh*tload of real estate (purchased cheaply with low leverage during downturns) and am simply stating a fact about which cliff this froth festival is headed off…

  2. Posted by John

    Market will balance out, as seller are seeking their payday. They are not willing to unload if the price is right!

    • Posted by johny

      that statement makes no sense, john.

    • Posted by Sabbie

      Or perhaps they view their real estate as a place to live while being productive members of society rather than a get rich quick speculative play.

      • Posted by Matt of Uptown

        It’s pretty clear John meant to say “They are not willing to unload unless the price is right!” Which is correct. People do speculate a lot here -everyone knows that if you can survive a couple economic cycles you’re going to make at least a hundred grand on your property.

      • Posted by soccermom

        Kinda rich criticism after bragging about spec trading in and out of the condo market. Or maybe you mean that you aren’t productive?

        • Posted by anon

          Better to be the guy selling at the beginning of a tanking market than the guy buying into a taking market. If that makes you a “spec trader”, so be it.

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