Existing home sales dropped in March. Crash or soft landing ahead?

The National Association of Realtors reports that their index of pending sales of existing homes fell 6% in March compared with the same month last year according to the Wall Street Journal. It was also down 1.2% from February.

The Journal reports that Dave Seiders, chief economist at the National Association of Home Builders sees these numbers as consistent with a softening of the market, a moderation rather than a crash.

But I think it’s too early to tell what’s really going on. We don’t know how much interest rates are going to rise, for one thing. Like it or not we have to wait and see what’s next.

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