U.S. existing home sales data for the month of November is set to be released tomorrow. The existing home sales are likely to have come below the current consensus. According to a Wells Fargo research report, the existing home sales are likely to have dropped 2.1 percent after rising 1.4 percent in the prior month. That rise followed six straight monthly falls.
The below consensus call in November is based off the incredibly soft pending home sales data for October, which dropped 2.6 percent that month, stated Wells Fargo. Pending sales data for October are a measure of purchase contracts signed that month which would possibly close in November and December and then be counted as an existing home sale.
Data from local real estate associations strongly imply that sales softened further in November, especially in the West, where pending home sales dropped 8.9 percent in October. Most of the softness has been along the West Coast and formerly high flying parts of the Rocky Mountains states.
“The South has seen less of a slowdown but sales have clearly slowed across major markets such as Dallas, Houston, Orlando, Charlotte and Nashville”, added Wells Fargo.
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