Slowing! US Pending Home Sales Fall 5% YoY In February As Inventory Remains Low (Fed Rate CUT At 72% In 2019)

The US housing market is slowing and The Federal Reserve is likely to CUT interest rates in 2019 (at least the market is betting on it).

(Bloomberg) — Contract signings to purchase previously owned U.S. homes fell more than estimated in February, suggesting that the prior month’s surge resulted from pent-up demand and that a sustainable recovery may take more time.

The index of pending home sales fell 1 percent from the prior month, after a downwardly revised 4.3 percent increase in January, according to data released Thursday from the National Association of Realtors in Washington. The gauge fell 5 percent from a year earlier following a 3.3 percent annual decline.

And pending home sales fell 5% YoY in February,

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Not only are pending home sales YoY slowing, but so is home price growth.

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Existing home sales inventory is down considerably from 2007.

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At least interest rates are likely to be cut by The Fed in 2019.

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