US March pending home sales -1.2% vs -1.6% expected

• Prior was -4.1% (revised to -4.0%)
• Index at 103.7 vs 104.9 prior
• Full report

This was the fifth consecutive month of declines. The issue for US housing is the supply of homes for sale, not demand -- even with mortgage rates quickly rising. Yesterday I highlighted what the largest US home builder is seeing.

"The falling contract signings are implying that multiple offers will soon dissipate and be replaced by much calmer and normalized market conditions," said Lawrence Yun, NAR's chief economist. "As it stands, the sudden large gains in mortgage rates have reduced the pool of eligible homebuyers, and that has consequently lowered buying activity.

"The aspiration to purchase a home remains, but the financial capacity has become a major limiting factor."

Yun cited rental inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term as a potential catalyst to spur home buyers later in the year.