June Pending Home Sales: -8.6% M/M to 91.0 vs. -1.0% consensus and +0.4% prior (revised from +0.7%).
Pending sales declined in all four major regions, with the West showing the biggest monthly drop.
On a Y/Y basis, contract signings dropped 20%.
"Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date," said National Association of Realtors Chief Economist Lawrence Yun. NAR's latest projection expects home sales to fall 13% this year.
"With mortgage rates expected to stabilize near 6% and steady job creation, home sales should start to rise by early 2023," Yun said.
The Northeast Pending Home Sales Index ("PHSI") fell 6.7% M/M to 80.9, the Midwest PHSI dropped 3.8% to 93.7, the South PHSI slid by 8.9% to 108.3, and the West PHSI sank 15.90% to 68.7.
Earlier on Wednesday, Durable goods orders unexpectedly rose in June, led by transportation equipment