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Pending Home Sales Show No Sign Of New Homes Bounce

  • Pending home sales fell -2% M/M in August, as expected after a modestly smaller than first thought decline of -0.6% in July.
  • Pending sales, which tend to lead existing, suggest a slowing in the pace of housing market correction from an average monthly decline of -4% through 1H22, but a further decline nonetheless with sales at their lowest since 2011 outside of the pandemic and with no sign of the bounce seen in yesterday’s new home sales - see here.
  • Prior market momentum from BoE spillover dominates with 2Y Tsy yields -13bps, 5YY -15.5bps and 10YY -13bps, plus any reaction further distorted by Bostic speaking at the same time.

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