While existing home sales slipped to cycle lows in December, new home sales bounced and this morning analysts were surprised to see pending home sales rise 2.5% MoM (against expectations of a 1.0% decline), and November’s decline was revised higher…
Source: Bloomberg
This is the best MoM rise since Oct 2021, and while the YoY decline improved marginally, the 34.3% is the greatest annual decline in history
Source: Bloomberg
Pending sales rose in two of four regions in the month, led by a 6.4% gain in the West and a 6.1% pickup in the South.