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- October Pending Home Sales: +7.5% M/M to 125.2 vs. +0.7% consensus and -2.3% in September.
- Y/Y contract signings dropped 1.4%.
- "Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later," said National Association of Realtors chief economist Lawrence Yun.
- "The notable gain in October assures that total existing-home sales in 2021 will exceed 6M, which will shape up to be the best performance in 15 years," he added.
- He expects home prices to rise at a "gentler pace" in the next several months and demand to be milder as mortgage rates increase.
- Previously (Nov. 22), Existing home sales top consensus, rising 0.8% in October