Pending home sales data today is a tie-breaker after weaker existing home sales and stronger new home sales in November. Pending home sales rose 1.2% MoM (less than expected) and historical data was revised modestly higher (leaving sales up 5.6% YoY.)
“Favorable conditions are expected throughout 2020,” though supplies still aren’t sufficient to meet healthy demand, Lawrence Yun, NAR’s chief economist, said in a statement.
“Builder confidence levels are high, so we just need housing supply to match and more home construction to take place in the coming year.”
But, thanks to historical revisions, the pending home sales index slipped to 4-month lows.
The increase was led by a rebound in the West, which climbed 5.5%from the prior month. Signings were up 1% in the Midwest and were down in the South and Northeast.