Where out-of-staters are moving in droves to the Sunshine State.
US Pending Home Sales Are Down Most Since 2011 YoY (Ex-COVID)
- This is the 8th monthly drop in the last 9, leaving sales down 22.5% YoY. Aside from the COVID lockdown, this is the biggest YoY drop since April 2011
- Aside from the COVID lockdown crash, this is the weakest Pending Home Sales Index level since Oct 2011
- Contract signings decreased in three of four regions, led by a 2.7% drop in the Midwest. Pending home sales rose in the West.
- Pending home sales are often looked to as a leading indicator of existing-home purchases given properties typically go under contract a month or two before they’re sold.