Published: 2024-09-26T14:19:55.000Z
U.S. August Pending Home Sales - Still weak but may be near a base
Senior Economist , North America
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August pending home sales with a marginal 0.6% increase fell slightly short of expectations following a sharp 5.5% decline in July, though with July’s dip having followed a 4.8% increase in June the trend is probably only marginally negative now.
Existing home sales slipped in August after a July rise but survey evidence from the NAHB and MBA, which remained weak in August, has stated to improve in September, and should be supported into Q4 by Fed easing.
New home sales are looking more resilient than existing or pending home sales, rising sharply in July with only a partial correction in August. Existing home sales are designed to predict existing home sales.
