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US DATA: Pending Home Sales Pick Up, Broader Activity Remains Muted

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America

Pending home sales picked up to a 21-month high in November, with the NAR's index printing 79.0. That is an NSA increase of 5.6%, and points to a continued pickup in existing home sales in the next couple of months.

  • The 2.2% increase was driven almost entirely by a jump in pending sales in the South region (+5.2% M/M to 94.5), with sales in the northeast contracting (level = 67.8) and Midwest/West up only slightly.
  • The worst may be over for pending sales. But as the overall index level suggests (the reading is indexed to the level in 2001=100), however, pending sales remain weak on a historical basis despite a recent uptick.
  • High mortgage rates are impacting both new and existing home sales activities, but there remains greater stagnation on the existing side as current homeowners are finding the opportunity cost of moving too high. We see little reason to expect a trend change until and unless either unemployment picks up or  rates fall substantially.
homesDec2024
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Pending home sales picked up to a 21-month high in November, with the NAR's index printing 79.0. That is an NSA increase of 5.6%, and points to a continued pickup in existing home sales in the next couple of months.

  • The 2.2% increase was driven almost entirely by a jump in pending sales in the South region (+5.2% M/M to 94.5), with sales in the northeast contracting (level = 67.8) and Midwest/West up only slightly.
  • The worst may be over for pending sales. But as the overall index level suggests (the reading is indexed to the level in 2001=100), however, pending sales remain weak on a historical basis despite a recent uptick.
  • High mortgage rates are impacting both new and existing home sales activities, but there remains greater stagnation on the existing side as current homeowners are finding the opportunity cost of moving too high. We see little reason to expect a trend change until and unless either unemployment picks up or  rates fall substantially.
homesDec2024