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Pending Home Sales Jump In June, Break 17-Month Losing Streak
07-30-2019, 10:39 AM,
#1
Pending Home Sales Jump In June, Break 17-Month Losing Streak
Pending Home Sales Jump In June, Break 17-Month Losing Streak

<p>After mixed home sales data (new higher and existing lower), pending home sales were expected to increase by 0.5% MoM but beat handily, rising 2.8% MoM.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm90C0.jpg?itok=Ln0N0vua" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm90C0.jpg?itok=Ln0N0vua"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm90C0.jpg?itok=Ze_uS6bN 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm90C0.jpg?itok=Ze_uS6bN 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm90C0.jpg?itok=Ze_uS6bN 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=Ze_uS6bN 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm90C0.jpg?itok=Ze_uS6bN 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm90C0.jpg?itok=Ln0N0vua 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="2c8f411c-04d5-42d6-aa15-c70cc39da762" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm90C0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>As Bloomberg notes, <strong>contract signings to purchase previously owned U.S. homes rose in June by the most in three months</strong>, indicating demand may pick up with the help of lower mortgage rates and steady job growth.</p>

<blockquote>
<p><em><strong>“Job growth is doing well, the stock market is near an all-time high and home values are consistently increasing,”</strong></em> NAR Chief Economist Lawrence Yun said in a statement.</p>

<p><strong>“When you combine that with the incredibly low mortgage rates, it is not surprising to now see two straight months of increases.”</strong></p>
</blockquote>

<p>Pending home sales broke a 17 month losing streak, rising 1.6% YoY - the most since Feb 2017...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmCFCE.jpg?itok=21UPwse9" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmCFCE.jpg?itok=21UPwse9"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmCFCE.jpg?itok=wmM9sqzl 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmCFCE.jpg?itok=wmM9sqzl 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmCFCE.jpg?itok=wmM9sqzl 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=wmM9sqzl 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmCFCE.jpg?itok=wmM9sqzl 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmCFCE.jpg?itok=21UPwse9 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="1e7ef61e-a2ab-46a1-ac3a-8931b449c484" data-responsive-image-style="inline_images" height="249" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmCFCE.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Contract signings increased 5.4% from the prior month in the West, the most in three months; rose for a fourth month in the Midwest; and advanced in the South and Northeast.</p>

<p>Pending home sales are often looked to as a leading indicator of existing-home purchases and a measure of the health of the housing market in the coming months.</p><img src="http://feeds.feedburner.com/~r/zerohedge/feed/~4/cr9B6PLiPAk" height="1" width="1" alt=""/>


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