April had a record decline in Americans signing contracts to buy homes, a reflection of the broader shutdown of economic activity in response to the C-19 coronavirus chaos outbreak.
The National Association of Realtors (NAR) said Thursday that pending home sales index dove 21.8% from the prior month to a level of 69, the largest decliner registered in data going back to Y 2001.
Pending home sales have fallen 33.8% from a year ago. The index is a barometer of sales over the next 2 months when the transactions are completed.
There are signs that home sales have reached a bottom and will rebound. Low mortgage rates have supported buyer demand, such that the government’s report of new-home sales showed a slight increase in purchases last month.
Thursday, the major US stock market indexes finished at: DJIA -147.63 to 25400.64, NAS Comp -43.37 to 9369.01, S&P 500 -6.40 to 3029.60
Volume: Trade on the NYSE came in at 1.0-B/shares exchanged
- NAS Comp +4.4% YTD
- S&P 500 -6.2% YTD
- DJIA -11.0% YTD
- Russell 2000 -16.1% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish in here.
Looking Ahead: Investors will receive the Personal Income and Spending report for April, the revised University of Michigan Index of Consumer Sentiment (MSI) for May, the Chicago PMI for May, the Advance International Trade in Goods, Retail Inventories, and Wholesale Goods reports for April Friday.
Have a healthy day, Keep the Faith!