Pending home sales reboud

Pending home sales rebounded by 5.2% in July, a stronger result than expectations, following a 2.8% decline in June. Over the last 12 months, pending home sales have fallen 20.1% versus a 20.3% year-over-year drop in June (based on the not seasonally adjusted data).

BOTTOM LINE

It is too soon to say if home sales are bottoming out following the tax-credit-driven volatility of the Spring and early Summer and it will be some time before we can assess underlying sales trends. Homebuilder sentiment on current sales and the six-month outlook weakened further in early August.

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