Bear (Bar), ​Pending Home Sales



Gustave Caillebotte, Normandy Landscape, Oil on Canvas




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Right, how does it go again? Oh yea, ” As goes housing, goes the economy.”

Today in the economic news, the National Association of Realtors’ pending home sales index rose 3.1% on a MoM seasonal adjusted annual rate in February, bouncing back from January’s downwardly revised 5.0% drop.



Alas, following the sin curve.


On a YoY percentage basis, PHS was down -4.1%.


Pending Homes Sales Across All Regions

PHS regained a portion of last month’s drop, rising 3.1%. Year-Ago changes have decelerated in each of the past 3 months. Winter months can be deceiving, mainly if one winter is harsh as seems to be the case in 2018.

Digressing, where are /NG straddles priced?

That being said, in January, pending sales fell in every region due to winter storms muting activity. This month, all regions rose, led by the Northeast and South, rising 10.3 and 3.0%, respectively

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