Pending Home Sales Drop YoY For 10th Month In A Row

Pending Home Sales fell 2.7% year-over-year making this the 10th month of falling YoY sales. This print beat expectations of a 3.5% decline but last month's data was revised lower to a 4.7% decline. MoM sales jumped 3.3% but the series has been extremely noisy in the last 6 months as the Northeast saw a seasonally-adjusted gain of 6.2% MoM (and Midwest fell 0.4%).

 

Pending Home Sales down YoY 10th Month in a row...

 

Midwest fell as Northeast surged...

 

Chart: Bloomberg

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