April 25, 2024 14:18 GMT
Pending Home Sales Surprise Higher After Lagging Existing Lift
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- Pending home sales were stronger than expected in March as they increased 3.4% M/M (cons 0.4) after 1.6% in Feb.
- Considering their nature, they should lead existing home sales by 1-2 months but surprisingly missed the latest uplift in the latter.
- Nevertheless, today’s uplift in pending sales is starting to push sales away from multi-year lows – see chart.
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