Unlike yesterday's new home sales report where sales spiked in the South, resales in the region are showing visible hurricane effects, down 2.3 percent in the month following August's 3.7 percent decline. Year-on-year rates show the South the weakest, down 5.0 percent, with the Northeast doing the best at minus 2.4 percent. Pending sales overall are down a yearly 3.5 percent which is slightly steeper than the 1.5 percent decline for final sales.
This report is not pointing to strength for the housing sector and is a partial offset to a possible surge underway in new home sales.
Recent History Of This Indicator:
Pending sales, which track initial contract signings for resales, have been accurately forecasting this year's steady weakness in the existing home sales report where final sales are tracked. Weakness in August pending sales included the hurricane-hit South but other regions were soft as well. After August's surprisingly sharp 2.6 percent drop, the Econoday consensus for the September pending sales index is a gain of 0.4 percent.
Pending sales, which track initial contract signings for resales, have been accurately forecasting this year's steady weakness in the existing home sales report where final sales are tracked. Weakness in August pending sales included the hurricane-hit South but other regions were soft as well. After August's surprisingly sharp 2.6 percent drop, the Econoday consensus for the September pending sales index is a gain of 0.4 percent.
No comments:
Post a Comment