Pending Home Sales Fell More Than Expected

Pending Home Sales Fell More Than Expected1-1

Pending Home Sales Fell More Than Expected in November, But Some See a Bounce on The Horizon Stop me if you've heard this one before: home sales numbers continue to suffer due to a perfect storm of higher rates, lofty prices, and tighter purse strings driven by inflation. In that sense, Pending Home Sales are no different than any of the other recent home sales data. They were very high and are now back in line with the lowest levels since the pandemic-related shutdowns in 2020. Unlike other recent home sales reports, Pending Sales is a bit more forward looking. That's bad because today's release of November's sales numbers showed a 4.0% decline versus a consensus forecast of -0.8%. Long story short, this could suggest a similar dip is in store for the next Existing Home Sales report. But at this point, does an additional dose of weakness change the bigger picture? Not really.

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