Pending home sales for August:

  • Prior was +3.3% (revised to 3.2%)
  • Sales down 4.1% y/y vs -1.4% exp
  • Prior y/y reading was -2.7% (revised to -2.8%)

Soft on the y/y side but nothing much to worry about on the monthly data — it’s one soft month after a string of good ones.