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Pending Home Sales unexpectedly fell by 0.9%

Wednesday, Dec 30 2015
The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.9 percent to 106.9 in November from an upwardly revised 107.9 in October but is still 2.7 percent above November 2014 (104.1). Analysts were expecting increase 0.6% increase Although the index has increased year-over-year for 15 consecutive months, last month's annual gain was the smallest since October 2014 (2.6 percent).
 
Lawrence Yun, NAR chief economist, says November's dip in contract activity continues the modestly slowing trend seen ever since pending sales peaked to an over nine year high back in May. "Home prices rising too sharply in several markets, mixed signs of an economy losing momentum and waning supply levels have acted as headwinds in recent months despite low mortgage rates and solid job gains," he said. "While feedback from Realtors continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers."
 
Euro is currently being traded few points above 1.0910 level, Sterling is around 1.4820 handle, while Aussie is above 0.7280 area. 
More in this category: « M3 Money Supply decreased to 5.1% in November Australian Private Sector Credit report showed 0.4% rise »

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