US Pending Home Sales Unexpectedly Tumble In November

After new- and existing-home sales unexpectedly surged in November, analysts expected pending home sales to also rise in November (though far less than the huge jump in October). However, they were notably wrong as pending home sales fell 2.2% MoM in November (vs +0.8% exp and +7.5% prior). This is the 6th month of flip-flopping home sales…

Source: Bloomberg

Interestingly that miss still left pending home sales up year-over-year (albeit just +0.21%).

The pending home sales index fell back from near last year’s highs (and in line with the peak of 2005), even as new-and and existing-home sales rose…

Source: Bloomberg

With the market pricing in a first rate-hike by May next year, we wonder how much longer this buying-panic can continue, especially with homebuyer confidence so decoupled…

Source: Bloomberg

Get back to work Mr.Powell.