Pending Home Sales Declined 1.5% In October

Key Insights

Pending Home Sales decreased by 1.5% month-over-month in October. 
High mortgage rates put material pressure on housing market activity. 
SP500 remains stuck near the 4550 level as traders react to the report. 

On November 30, the National Association of Realtors released Pending Home Sales report for October. The report indicated that Pending Home Sales declined by 1.5% on a month-over-month basis, compared to analyst consensus of -2%.

On a year-over-year basis, Pending Home Sales declined by 8.5%, compared to analyst consensus of -9.0%.

The National Association of Realtors commented: “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years.”

Treasury yields continued to move higher after the release of the Pending Home Sales data. Bond traders take some profits off the table after the recent move.

U.S. Dollar Index settled near the 103.35 level, supported by rising Treasury yields. It remains to be seen whether the better-than-expected Pending Home Sales report will provide additional support to the American currency.

Gold pulled back towards the $2035 level as traders took profits after the recent rally. Rising Treasury yields and stronger dollar served as bearish catalysts for gold markets.

SP500 remains stuck near the 4550 level as traders wait for additional catalysts. Most likely, the Pending Home Sales report would not have a material impact on stock price dynamics.

For a look at all of today’s economic events, check out our economic calendar.

Don’t miss a thing! Sign up for a daily update delivered to your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXEmpire – https://www.fxempire.com/news/article/pending-home-sales-declined-1-5-in-october-1392589