Pending Home Sales Continue Run of Weak Housing Data
Sep 27, 2017
Pending home sales continued this week’s run of weak housing data, dropping 2.6% in August. Pending sales have now fallen in six of eight monthly reports in 2017 and YoY sales are down 2.6%. While Hurricane Harvey is likely to blame for the 3.5% drop in pending sales in the South, every other region of the country showed declines as well. Sales in the Northeast fell 4.4%, sales in the Midwest fell 1.5%, and sales in the West dropped 1.0%. Like the new and existing home sales data, Hurricanes Harvey and Irma are likely to impact the September pending sales data as well. The broader weakness, excluding the storm-related impact, is a growing concern with news sales down 12%, existing sales down 6%, and pending sales down 4% since March.