U.S. Pending Home Sales Fell 1.5% in October After Suprise Rise in September

US pending Home Sales were down 1.5% in October (consensus -2.3%) after increasing a revised 1.0% (from 1.1%) in September. The fall comes with soaring mortgage rates with unprecedented rate hikes delivered by the Fed. October comes after a surprise rise in September when limited supply and builder incentives spurred the sales. For perspective year-on-year, pending home sales are down by 6.6 percent in October of 2023 over the same month in the previous year.  West, Midwest and South posted … Continue reading “U.S. Pending Home Sales Fell 1.5% in October After Suprise Rise in September”

U.S. Pending Home Sales Rose 1.1% Versus -1.8% Expected Again Defying Analysts

US pending home sales rose unexpectedly by 1.1% versus -1.8% expected for the month of September 2023. The rise comes despite soaring mortgage rates with unprecedented rate hikes delivered by the Fed. However, limited supply and builder incentives spurred the sales. For perspective year-on-year, pending home sales are down by 11 percent in September of 2023 over the same month in the previous year.  Although at a slower rate than the previous month and marking a 28th straight month of … Continue reading “U.S. Pending Home Sales Rose 1.1% Versus -1.8% Expected Again Defying Analysts”

U.S. Pending Home Sales Rose 0.9% in July for the Second Monthly Rise Defying Analysts

US pending home sales rose unexpectedly by 0.9% in July month-over-month beating market expectations of a 1.3% fall after they increased by a revised 0.4% (from 0.3%) in June. The rise was the second in a row after falling for four months as the housing market struggles with high interest rates with unprecedented rate hikes delivered by the Fed. Additionally, there is limited supply. Contract signings rose in the South and West, while experiencing a decrease in the Northeast and … Continue reading “U.S. Pending Home Sales Rose 0.9% in July for the Second Monthly Rise Defying Analysts”

U.S. Pending Home Sales Rose 0.3% in June, Lack of Housing Supply

US pending home sales rose unexpectedly in June 0.3% month-over-month beating market expectations of a 0.5% fall. The first rise in four months as housing market struggles with high interest rates in limited supply. e unprecedented rate hikes delivered by the Fed. Contract signings increased in the Northeast and Midwest but declined in the South and West. For perspective year-on-year, pending home sales are down by 15.6 percent from June 2022 and marking a 25th straight month of declines.  All … Continue reading “U.S. Pending Home Sales Rose 0.3% in June, Lack of Housing Supply”

U.S. Pending Home Sales in May Fell to Lowest This Year, Lack of Housing Inventory

US pending home sales fell unexpectedly more by 2.7% month-over-month in May 2023 missing market expectations of a 0.5% fall. Pending home sales were lower in the Midwest (-5.3%), the South (-4.4%) and the West (-6.6%) but rose in the Northeast (12.9%). For perspective year-on-year, pending home sales are down 22.2% year-on-year from May 2022 and marking a 24th straight month of declines.  In March however we saw a resurgence in mortgage rates and a banking crisis which could delay … Continue reading “U.S. Pending Home Sales in May Fell to Lowest This Year, Lack of Housing Inventory”

U.S. Pending Home Sales for March -5.2%, First Decline since November 2022

US pending home sales unexpectedly fell by 5.2% month-over-month in March 2023, the first decline since November 2022 and missing market expectations of a 0.5% growth. Pending home sales declined in the Northeast (-8.1%), in the Midwest (-10.7%) and the West (-8%) but rose in the South (0.2%). For perspective year-on-year, pending home sales are down 23.2% year-on-year in March 2023, following a 21.1% fall in February, and marking a 22nd straight month of declines.  In March however we saw … Continue reading “U.S. Pending Home Sales for March -5.2%, First Decline since November 2022”

U.S. Pending Home Rise for a Third Consecutive Month in February

US pending home sales rose for a third consecutive month in February, up 0.8% month-over-month to the highest level since August, following an 8.1% jump in January. The sales number was way ahead of market forecasts of a 2.3% fall.  Pending home sales were up in the Northeast (6.5%), the South (0.7%) and the Midwest (0.4%) but fell in the West (-2.4%). For perspective year-on-year, pending home sales are down 21.1%. In February however we saw a resurgence in mortgage … Continue reading “U.S. Pending Home Rise for a Third Consecutive Month in February”

U.S. Pending Home Sales Rise 8.1% in January for Largest gain in 2-1/2 Years

US pending home sales unexpectedly rose 8.1% month-over-month in January of 2023, the biggest increase since June 2020 and just the second rise since May. The sales number was way ahead of market forecasts of a 1.0% rise.  Sales contracts increased in all four regions. For perspective year-on-year, pending home sales are down 24.1%. In February however we have seen a resurgence in mortgage rates which could delay a much-awaited housing market turnaround. We had seen in the weekly mortgage … Continue reading “U.S. Pending Home Sales Rise 8.1% in January for Largest gain in 2-1/2 Years”

U.S. Pending Home Sales Rise 2.5% in December as Real Estate Market Stabilizes

US pending home sales unexpectedly rose 2.5% month-over-month in December of 2022, the first rise since May, and beating market forecasts of a 0.9% drop. Sales were higher in the South (6.1%) and the West (6.4%) but fell in the Northeast (-6.5%) and Midwest (-0.3%). For perspective year-on-year, pending home sales are down 33.8%. We saw positive signs yesterday we saw new home sales increased 2.3% month-over-month in December to a seasonally adjusted annual rate of 616,000 units (consensus 614,000) … Continue reading “U.S. Pending Home Sales Rise 2.5% in December as Real Estate Market Stabilizes”

U.S. Pending Home Sales Fall in July 1.0% as Housing Affordability Plummeted to Lowest level since 1989

US pending home sales fell 1% in July 2022, following a sharp 8.9% mom fall in June of 2022. Mortgage data has been weak as escalating mortgage rates and housing prices are impacting affordability for potential buyers. Pending sales fell in three of four major regions, with the West posting a small increase. US new home sales for July were much lower, down 12.6% month-over-month to a seasonally adjusted annual rate of 511,000 units (consensus 580,000) from a downwardly revised 585,000 … Continue reading “U.S. Pending Home Sales Fall in July 1.0% as Housing Affordability Plummeted to Lowest level since 1989”