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US DATA: Pending Home Sales Point To Bottoming Out For Existing Sales

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • Pending home sales surprised higher in October, rising 2.0% M/M (cons -2%) after a near unrevised 7.5% (initial 7.4%) in Sept.  
  • The northeast (4.7% after 6.5%) and the midwest (4.0% after 6.9%) led gains, whilst the south (0.9% after 7.0%) and west (0.2% after 9.8%) were more muted.
  • The two latest monthly increases away from lows for a series that started in 2001 suggests some bottoming out of the latest decline in existing home sales.
  • New purchase mortgage applications do however suggested limited scope for further increases, having been pinned down by the more than 70bp increase in 30Y mortgage rates since September. 
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  • Pending home sales surprised higher in October, rising 2.0% M/M (cons -2%) after a near unrevised 7.5% (initial 7.4%) in Sept.  
  • The northeast (4.7% after 6.5%) and the midwest (4.0% after 6.9%) led gains, whilst the south (0.9% after 7.0%) and west (0.2% after 9.8%) were more muted.
  • The two latest monthly increases away from lows for a series that started in 2001 suggests some bottoming out of the latest decline in existing home sales.
  • New purchase mortgage applications do however suggested limited scope for further increases, having been pinned down by the more than 70bp increase in 30Y mortgage rates since September.