US December pending home sales -2.2% vs +0.5% m/m expected
US December pending home sales
- Worst m/m reading since Oct
- Third consecutive decline
- Prior was -0.7% (revised to -0.9%)
- Year-over-year sales -9.5% vs -7.0% expected
- Worst y/y reading since 2014
- Prior y/y -7.7% (revised to -7.8%)
Housing isn't doing any favours for the US economy. Higher rates were thought to be the catalyst but they've come back down and housing continues to skid. It's tough to reconcile jobs numbers like we saw today with persistently weak housing numbers.
Perhaps some of the jitters around the stock market kept buyers on the sidelines but the overall picture is still sour. The National Association of Realtors forecasts home sales at 5.25m this year from 5.34m in the second consecutive decline... and the NAR is notoriously optimistic.