US pending home sales for September 0.0% vs 0.4%

Pending home sales
US pending home sales for the month of September came in at 0.0% versus 0.4% estimates

  • Prior month was revised -2.8% from -2.6% previously reported
  • The number of contract signings is at the lowest level since the start of 2016
  • Hurricane Irmo depressed sales in the South East
  • The level of contracts dropped -5.4% from September 2016 the biggest year-over-year decrease since April
  • Contract signings fell in the South and rose in the three other regions
  • The market is also being hindered by a lack of properties that has driven up prices — especially in the lower end (< $250,000). 
  • Purchases rose 1.2% in the Northeast, 1.4% in the Midwest and 1.9% in the West. Contract signings dropped -2.3% in the South

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