After new- and existing-home-sales rebounded notably in August, expectations were that pending sales would complete the trifecta and sure enough it did (rising 1.3% MoM, better than the 1.0% expected jump)
Source: Bloomberg
Pending home sales rose 2.48% YoY – the biggest annual jump since April 2016…
Source: Bloomberg
All regions saw an increase in sales in August:
- Northeast up 1.4%; July fell 1.6%
- Midwest up 0.6%; July fell 2.4%
- South up 1.4%; July fell 2.4%
- West up 3.1%; July fell 3.4%
But we note that The Northeast (-1.1%) and Midwest (-1.6%) both fell year-over-year.
The question is – what happens next? As mortgage rates have rebounded higher and mortgage applications have already tumbled since this sales data…
Source: Bloomberg
Easy Money 