Macro Brief: Pending Home Sales Index
Released on 7/29/2020 @ 10:00 AM ET
Source Link: NAR Pending Home Sales - June 2020
|Pending Home Sales Index - May||99.6||116.1|
The pending home index advanced further following its largest month over month gain ever in May. Activity increased in June across all regions month/month while the Northeast was the only region to make a year/year decline. The ongoing recovery in housing activity is being boosted by record low lending rates as the Fed has pumped enormous amounts of liquidity into the marketplace.
Regardless, following a great year for homebuilder ETFs in 2019, housing activity and prices contiue to look mostly stable given the current environment. Homebuilder ETFs have outperformed in the near-term, valuations look reasonable relative to the broader market, and 2020E earnings revisions have turned upwards at a quicker pace than SPY....