US pending home sales for February surprised to the downside, down -4.1% MoM and -5.4% YoY, as mortgage rates soar.
And inventory remains MIA.
Not surprisingly, March median sales prices are up 17% YoY.
University of Michigan buying conditions for housing is the lowest since the Carter inflation fiasco.
Let’s see if The Fed will continues its plans to raise rates and trim their balance sheet. Or will Powell be “Runaround Jay.”