- Prior was -3.9%
- Year-over-year -12.0% vs -11.5% prior
- Index 99.9 vs 99.3 prior
- First rise in six months
This is a lagging indicator but it was notably strong. Last week, US new home sales were also strong and home builders had a good week. There is an extreme amount of bearish commentary around US housing that I don’t think is justified.
“Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition,” said NAR Chief Economist Lawrence Yun. “Contract signings are down sizably from a year ago because of much higher mortgage rates.”
He added that demand still far outweighs supply.
/ eur
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