Ali Wolf

Zonda’s New Home Pending Sales Index for June 2022 finds the housing market cooling to levels seen in February 2020. The New Home PSI posted a reading of 125.5 for June, down 7.5% YOY and 27.9% below cycle highs. It measures new home orders and average sales rate per community. New home sales dropped month-over-month by 0.2%, the fifth straight month of declines. The new home orders component fell 10.5% YOY, while the average sales rate per community component fell 8.2% YOY. “Home sellers and home buyers are adjusting to a new reality in the housing market,” said Ali Wolf, Zonda’s chief economist.  “Home sellers are quickly understanding the days of frenzied demand are behind us and it takes an…