IPFS News Link • Housing
Pending Home Sales Sink 2.5 Percent, Economists Expected Plus 0.5 Percent
• mishtalk.comInstead, the index sank 2.5 percent, well outside the entire range of estimates from 0.4 percent to 1.5 percent.
Highlights
Pending sales of existing homes slowed in January, down an unexpected 2.5 percent to an index level of 106.0 in a decline offset but only in part by an 8-tenths upward revision to December to plus 0.9 percent. Econoday forecasters were expecting a much better reading, at a consensus plus 0.5 percent for January sales. Sales in the month fell in three of the four regions with only the South in the plus column. Year-on-year, pending sales are up only 1.4 percent. Today's report is yet another disappointment for a sector that, despite high employment and low mortgage rates, is getting off to a flat start for 2016.