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JP Morgan Quicktake on Pending Home Sales Miss

US
Monday's July pending home sales fell 1.8% -- a big miss when compared to +0.3-0.5 estimated gain (YoY -9.5% vs. -8.8% est).
  • While disappointing, JP Morgan economists said the decline was still better than their own estimate of -3.0%.
  • JPM notes "sales data have been a bit noisy in recent months, with an 8.3% jump in May being partially reversed by declines in the two months of data reported since then."
  • Through some of the recent volatility, the pending home sales data for recent months have been noticeably softer than many of the figures reported earlier this year and late last year and many different housing have cooled off lately following an earlier period with much stronger levels of activity.
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