US February New Home Sales 18.2 pct Lower on Increased Supply and Winter Storm

US New Home Sales in February were 775K vs 870K expected and down from prior 923K. Sales -18.2% vs -5.7% expected to the lowest in 9 months. The Midwest sales fell 37.5% with extreme cold weather however all regions fell back so weather was not the only negative impact.

U.S. Pending Home Sales Fall Sharply in Largest Decline Since May 2010

US pending home sales fell a sharp -4.9% v +0.5% estimates, in contrast to December existing home sales rising to 5.54M v 5.43M expected. Mortgage data has been volatile but stronger in late 2019 flowing onto housing as the stockmarket hit all time highs.