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Pending Home Sales See Surprise Slide In January

US DATA
Energy BulletsCommodities
  • Pending home sales were much weaker than expected in January at a seasonally adjusted -4.9% M/M (cons +1.5) after a downward revised 5.7% (initial 8.3%) increase in Dec.
  • The prior increase in Dec appeared to have started to show in the existing home sales data for Jan, when they increased 3%, but this latest pending data suggest renewed weakness ahead (with a typical 1-2 month lead).
  • Pending home sales decline were seen in both the south (-7.3%) and midwest (-7.6%) – the largest two regions for existing home sales – whilst the northeast (+0.8%) and west (+0.5%) saw modest increases.
  • With pending sales ~30% below pre-pandemic levels, they remain close to recent lows seen in 2H23.
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  • Pending home sales were much weaker than expected in January at a seasonally adjusted -4.9% M/M (cons +1.5) after a downward revised 5.7% (initial 8.3%) increase in Dec.
  • The prior increase in Dec appeared to have started to show in the existing home sales data for Jan, when they increased 3%, but this latest pending data suggest renewed weakness ahead (with a typical 1-2 month lead).
  • Pending home sales decline were seen in both the south (-7.3%) and midwest (-7.6%) – the largest two regions for existing home sales – whilst the northeast (+0.8%) and west (+0.5%) saw modest increases.
  • With pending sales ~30% below pre-pandemic levels, they remain close to recent lows seen in 2H23.