US pending home sales for September 0.0% vs 0.4%

Pending home sales

US pending home sales for the month of September came in at 0.0% versus 0.4% estimates

• Prior month was revised -2.8% from -2.6% previously reported
• The number of contract signings is at the lowest level since the start of 2016
• Hurricane Irmo depressed sales in the South East
• The level of contracts dropped -5.4% from September 2016 the biggest year-over-year decrease since April
• Contract signings fell in the South and rose in the three other regions
• The market is also being hindered by a lack of properties that has driven up prices - especially in the lower end (< $250,000).
• Purchases rose 1.2% in the Northeast, 1.4% in the Midwest and 1.9% in the West. Contract signings dropped -2.3% in the South