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Pending Home Sales Keep Downward Pressure On Existing

US DATA
  • Pending home sales were broadly as expected in October, falling -1.5% (cons -2.0%) after a nearly unrevised +1.0% M/M (initial 1.1) in September.
  • A leading indicator for existing home sales, it maintains downward pressure with sales more than 30% below pre-pandemic levels and with relative supply slowly starting to build.

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