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Worth noting Agenda Wed, Nov 18 ET 10:00 AM 1 min read
Pending home sales track signed contracts for existing homes that have not yet closed, offering an earlier view of the pipeline for completed transactions. October's monthly reading follows a previous change of -7.3%. Recent reporting showed completed existing-home sales falling 5.5% as high mortgage rates squeezed buyers' budgets. These contracts can help show whether future closings are stabilizing, although some may be cancelled.[1]
Last release −7.3%
Watch whether contracts recover and subsequently turn into completed sales. Stronger signings would support business expectations for brokers, title insurers, mortgage lenders and furniture and appliance sellers; continued weakness would lower those expectations. Fewer moves may lead some households to renovate their existing homes, offering a possible cushion for home-improvement suppliers, but not a guaranteed offset. Completed sales and mortgage rates are the next checks.[1]