Pending Home Sales Definition
The NAR reports .Key Points
Trading Economics Month-Over-Month
United States Pending Home Sales MoMhttps://t.co/2fbb7i70re pic.twitter.com/40OB6lrxj5
— TRADING ECONOMICS (@tEconomics) December 28, 2023
Golden Handcuffs
Pending home sales remain down as so many people still have golden handcuffs of 2-3% mortgages in 6-8% environment; 100bpts of cuts doesn’t fix that – the Fed would have to reinitiate ZIRP to really unfreeze the housing market; they’ve ruined everything… pic.twitter.com/w1ebkUQtq4
— E.J. Antoni, Ph.D. (@RealEJAntoni) December 22, 2023
New Record Low or Tied Low?
#US Pending Home Sales Index Slumps To New Record Low In November
US PENDING #HOME #SALES (MOM) (NOV) ACTUAL: 0.0% VS -1.5% PREVIOUS; EST 0.9% pic.twitter.com/XfOpcTvFWO
— Brickell Crypto (@Crypto_Brickell) December 28, 2023
Leading Index
The leading index for existing home sales, US #Pending #Home Sales were flat in November (+0.9% consensus) following a -1.2% MoM decline in October. That leaves sales down -5.1% YoY (NSA) vs -6.3% in Oct. The index was dragged down by weakness in the South while propped up in… pic.twitter.com/LXXHMsDKKG
— Macro84 (@macro84) December 28, 2023
Expectations vs RealityThe Bloomberg Econoday consensus estimate was for pending sales to rise 0.8 percent.Instead pending sales were flat. The NAR revised October up from 71.4 to 71.6. This month was unchanged.New Home Sales Down 12.2 Percent in NovemberHome builders finally ran out of incentives or consumers finally got fed up with what they are getting for their money. Here’s the result in pictures.
For discussion, please see Existing Home Sales(Click on image to enlarge)
Existing-home sales courtesy of the National Association of Realtors via the St. Louis FedIn November, The National Association of Realtors chief economist, Lawrence Yun, eyes a “marked turn“.I highly doubt a major turn even if there is no recession. Mortgage rates and home prices are both still too high.More By This Author:Expect More Oil Consumption In 2024 Led By China There Were Zero Takers For Offers To Pay For Oil In Indian Rupees The EV Graveyard Reckoning, Hardly Anyone Wants To Buy A Used One
