June 2019 US pending home sales data:
- Prior was +1.1 m/m
- Sales y/y -0.6% vs +0.7% expected
- Prior y/y sales -0.8%
- Full report
That drop in y/y sales indicates some revisions somewhere down the line.
From the release:
Lawrence Yun, NAR chief economist, said the 2.8% increase can be attributed to the current favorable conditions and predicted the rise is likely the start of a positive trend for home sales. "Job growth is doing well, the stock market is near an all-time high and home values are consistently increasing. When you combine that with the incredibly low mortgage rates, it is not surprising to now see two straight months of increases," he said.
