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Pending Home Sales Slide In October

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:

  • Northeast up 1.9%; Sept. fell 0.4%

  • Midwest fell 2.7%; Sept. rose 2.9%

  • South fell 1.7%; Sept. rose 2.6%

  • 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.


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