US: Slide in pending home sales is now too persistent to dismiss – Wells Fargo

FXStreet (Córdoba) – According to analysts from Wells Fargo, today’s housing report that showed the third decline out of the last four months is another slide in pending home sales that should not be dismissed.

Key Quotes:

“Pending home sales fell in November, with the overall index declining 0.9 percent to 106.9, marking the third decline in the past four months. With this drop, pending homes sales fell below the series’ six month average of 108.8.”

“The slide in pending home sales is now too persistent to dismiss. Affordability has apparently become a more significant hurdle for potential buyers, as prices have risen much faster than incomes.”

“Existing home sales in the West also fell significantly in November, dropping 13.9 percent over the month and falling 4.8 percent below their year-ago pace. The sharp drop in pending home sales suggests that closings are likely to fall further in coming months.”

According to analysts from Wells Fargo, today’s housing report that showed the third decline out of the last four months, is another slide in pending home sales that should not be dismiss.

(Market News Provided by FXstreet)