US pending home sales -0.9% vs +0.7% exp

Nov pending home sales data from the National Association of Realtors
– Sales -0.9%
– +0.7% expected
– Prior +0.2% (revised to +0.4%)
– Sales up 5.1% y/y vs +4.0% exp
The soft month-over-month reading and strong year-over-year reading don’t add up. An earlier report of existing home sales was also weak but there are few genuine concerns about the housing market.