Courtesy of ZeroHedge View original post here.
A big upward revision for new home sales (to 12-year highs), and a rebound in existing home sales, were both upset by the disappointing 1.7% MoM drop in pending home sales in October.
Source: Bloomberg
Year-over-year, pending home sales rose at 3.9%, well below the 6.0% expected and the 6.3% prior level.
Only the NorthEast saw sales improve:
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Northeast up 1.9%; Sept. fell 0.4%
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Midwest fell 2.7%; Sept. rose 2.9%
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South fell 1.7%; Sept. rose 2.6%
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West fell 3.4%; Sept. fell 1.3%
And all that as mortgage rates collapsed?
Most notably, pending home sales are often considered a leading indicator of existing-home purchases and a measure of the health of the residential real estate market in coming months.