US DATA: Aug NAR Pending Home Sales Index -2.6% to 99.2 vs 101.9r in
July. NAR points out this is still +10.7% yoy and Aug was a 2y high, so
latest reading might just be monthly volatility. “PHSI in the
Northeast rose 0.9 percent to 78.2 in August and is 19.9 percent above
August 2011. In the Midwest the index declined 2.6 percent to 95.0 in
August but is also 19.9 percent higher than a year ago. Pending home
sales in the South slipped 1.1 percent to an index of 110.4 in August
but are 13.2 percent above August 2011. With broad inventory shortages
in the West, the index fell 7.2 percent in August to 102.5 and is 4.2
percent below a year ago.”