January pending home sales data

  • Prior was -0.3% (revised to +0.5%)
  • Sales up +8.2% y/y vs +22.8% prior

Regional data:

  • Northeast % vs +3.1% last month
  • Midwest % vs -3.6% last month
  • South % vs +0.1% last month
  • West % vs 0.0% last month

Some of the miss is due to the December revision but this is mostly a story about a miss. That said, inventories are so tight that they're depressing sales as all the buyers hope for more inventory in the spring. What happens when that inventory doesn't come?