US: Pending home sales rose 0.5% in September - Nomura

In the US, pending home sales rose 0.5% m-o-m in September after two consecutive declines, indicating a slight pickup in contract signing activity, upstream from contract closings (existing sales), explains the research team at Nomura.

Key Quotes

“The pickup in September’s pending home sales was concentrated in the Midwest and West while signing activity in the Northeast and South declined. Despite the increase in September, headwinds in the housing market, including higher mortgage rates and low inventory, may continue to weigh on existing sales activity over the near term.”