The NAR said its pending home sales index fell 7.7% in April to 72.3 from an upwardly revised 78.3 reading in March. The drop was the largest since February 2021 and the index level was the lowest since the record-low reading of 71.8 in April of 2020. The index is meant to be predictive of completed home sales transactions one to two months later.
Who could have predicted that not being able to afford the payments would lead to drop in demand.