Breaking the tie between new (down) and existing (up) home sales, pending home sales tumbled 2.5% MoM in July (notably below the expectation of 0.0%) and stumbled back into contraction year-over-year.

Source: Bloomberg

All regions fell in July:

Northeast fell 1.6%; June rose 2.7%

Midwest fell 2.5%; June rose 3.3%

South fell 2.4%; June rose 1.3%

West fell 3.4%; June rose 5.4%

Pending Home Sales retreated back into contraction YoY (by 0.3%)...