Pending Home Sales Meet Expectations

Pending home sales came in at the low end of expectations, up however a still respectable 0.5 percent. Regional data show a strong 4.0 percent gain for the Northeast, which however is the smallest region for existing home sales, and a 1.4 percent dip for the West. Sales were unchanged in the Midwest and rose 0.6 percent in the South which is the largest region. This report is positive but far from exceptional, pointing to no more than moderate growth ahead for existing home sales.

Recent History Of This Indicator:
Sales of existing homes are one of the very brightest spots in the economy and pending home sales are expected to signal extending strength ahead at plus 1.0% for the July report.