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US DATA: Pending Home Sales Rise More Firmly Off Series Lows

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Pending home sales were far stronger than expected as they increased 7.4% (cons 1.9) in September after an unrevised 0.6% M/M.
  • It’s the strongest single monthly increase since Jun 2020, and notably came with widespread increases by major region (ranging from 6.5%-9.8%).
  • It sees the level of pending home sales increase further off what had been lows for the series starting in 2001 (index at 75.8 in Sept after 70.6 in Aug and 70.2 in July).
  • With their typical 1-2 month lead, it bodes well for near-term existing home sales but as the below chart shows, the level of sales is still low and 30Y mortgage rates have climbed 70bps the middle of September. 
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  • Pending home sales were far stronger than expected as they increased 7.4% (cons 1.9) in September after an unrevised 0.6% M/M.
  • It’s the strongest single monthly increase since Jun 2020, and notably came with widespread increases by major region (ranging from 6.5%-9.8%).
  • It sees the level of pending home sales increase further off what had been lows for the series starting in 2001 (index at 75.8 in Sept after 70.6 in Aug and 70.2 in July).
  • With their typical 1-2 month lead, it bodes well for near-term existing home sales but as the below chart shows, the level of sales is still low and 30Y mortgage rates have climbed 70bps the middle of September.