Key Insights
- Pending Home Sales decreased by 1.5% month-over-month in October.
- High mortgage rates put material pressure on housing market activity.
- SP500 remains stuck near the 4550 level as traders react to the report.
On November 30, the National Association of Realtors released Pending Home Sales report for October. The report indicated that Pending Home Sales declined by 1.5% on a month-over-month basis, compared to analyst consensus of -2%.
On a year-over-year basis, Pending Home Sales declined by 8.5%, compared to analyst consensus of -9.0%.
The National Association of Realtors commented: “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years.”
Treasury…
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