Pending home sales data from the National Association of Realtors:
- Prior reading was -10.2% y/y (revised to -10.0%)
- Sales up 3.4% m/m vs +0.7% expected
- Prior m/m revised to -0.5% vs -0.8% originally
It’s good news but it’s also the first monthly rise in pending home sales in 9 months. USD/JPY touched a session high of 102.45 as the numbers were released.
One good month doesn’t change a poor trend but the snap back in March highlights that activity may have been depressed in the coldest months.
Pending home sales m/m
