May 30, 2024 14:13 GMT
US Pending Home Sales Lowest Since April 2020
US DATA
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Pending home sales were much weaker than expected in April, falling 7.7% M/M (cons -1.0%). March’s reading, which was stronger than expected at the time, was revised two tenths higher to 3.6% M/M.
- Historically, pending home sales should lead existing home sales by 1-2 months.
- However, pending sales surprisingly did not lead the February uptick in existing sales, clouding the read-through of today’s data somewhat.
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