US pending home sales for August -7.1% versus -0.8% expected

<ul><li>Prior month 0.9% revised to +0.5%</li><li>Pending home sales -7.1% versus -0.8% estimate.</li><li>Pending home sales index for August 71.8 versus revised 77.3 (was 77.6). Looking at the chart above that takes the index to the lowest level since the pandemic (which was the lowest level going back to 2005 at least)</li><li>Sales down -18.7% year on year</li></ul><p>Regionally:</p><ul><li>West -7.7%</li><li>Midwest -7.0%</li><li>South -9.1%</li><li>Northeast -0.9%</li></ul><p>30 year mortgage rates are moving higher and are currently at 7.65%.</p>

This article was written by Greg Michalowski at www.forexlive.com.