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- U.S. pending home sales unexpectedly fall in July
U.S. pending home sales unexpectedly fall in July
The National
Association of Realtors (NAR) announced on Thursday its seasonally adjusted
pending home sales index (PHSI) fell 2.5 percent m-o-m to 105.6 in July, down
from 108.3 in June.
Economists had
expected pending home sales to be flat m-o-m in July.
On y-o-y basis,
the index decreased 0.3 percent.
According to
the report, the pending home sales declined in all four regions in m-o-m terms.
Pending home sales in the South decreased 2.4 percent m-o-m to an index of 122.7
in July, but that number is 0.1 percent higher than last July. The PHSI in the
Northeast dropped 1.6 percent m-o-m to 93.0 in July and is now 0.9 percent
lower than a year ago. The index in the West fell 3.4 percent m-o-m in July to
93.5 but still rose 0.3 percent above a year ago. The indicator in the Midwest went
down 2.5 percent m-o-m to 101.0 in July, 1.2 percent less than July 2018.
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