Macro Brief: Pending Home Sales Index


Released on 7/29/2020 @ 10:00 AM ET

Source Link:  NAR Pending Home Sales - June 2020

  Prior Consensus Actual
Pending Home Sales Index - May 99.6   116.1
Month/Month 44.3% 5.2% 16.6%


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....






Sign Up