Gavekal Capital: US Pending Home Sales Drops For 5th Consecutive Month, Dallas Fed Below Expectations

Monday, November 25, 2013

US Pending Home Sales Drops For 5th Consecutive Month, Dallas Fed Below Expectations

Pending home sales dropped to 102.1 in October (the prior month was revised up slightly from 101.6 to 102.7). This will probably temper any expectations for a gain in existing home sales in November. The weakness in pending home sales in recent months has come from the West region, while the Northeast region improved it's year-over-year growth rate in November.

The fourth regional fed survey (Dallas Fed) for November was released this morning. The survey came in below expectations (1.9 vs 5) but indicates the Texas manufacturing region is still slightly expanding.

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