U.S. pending home sales rises below expectations in June

U.S. pending home sales increased in June, coming in below consensus expectations. Pending home sales rose 1.5 percent sequentially, as compared with consensus expectations of a rise of 1 percent. Meanwhile, May’s print was downwardly revised by one-tenth, to -0.7 percent. Pending home sales grew at a strong rate after having disappointed for two straight months and given, the data for June, some strengthening in existing home sales is expected in the near future, noted Barclays in a research report.

Region wise, sales grew in all regions except the Midwest where sales dropped a modest 0.5 percent sequentially. Pending home sales continue to be at strong levels and today’s report is in line with the housing market remaining on track for a modest rebound despite the month-on-month volatility in the data.

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