US October pending home sales -1.1% vs +1.0% expected

• Prior was -2.2% (revised to -2.0%)
• Second consecutive drop after four gains
  
• Sales up 19.5% y/y vs +22.2% prior

The year-over-year numbers tell the story in US housing. This is a small setback in what's been a boom and looks to be a secular trend tied to ultra-low rates and a move out of the largest cities.

Pending home transactions saw a small drop off from the prior month but still easily outperformed last year's numbers for October," said Lawrence Yun, NAR's chief economist. "The housing market is still hot, but we may be starting to see rising home prices hurting affordability."