US October pending home sales -1.1% vs +1.0% expected

October pending home sales data:

Prior was -2.2% (revised to -2.0%)
Second consecutive drop after four gains
Sales up 19.5% y/y vs +22.2% prior

The
year-over-year numbers tell the story in US housing. This is a small
setback in what’s been a boom and looks to be a secular trend tied to
ultra-low rates and a move out of the largest cities.

Pending home transactions saw a small drop off from the prior month but
still easily outperformed last year’s numbers for October,” said
Lawrence Yun, NAR’s chief economist. “The housing market is still hot,
but we may be starting to see rising home prices hurting affordability.”

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This article was originally published by Forexlive.com. Read the original article here.