US pending home sales for May is a miss to the downside. They fell -0.8% MoM vs 1.0% estimate. Moreover the prior month was revised lower to -1.7% vs -1.3% prior.
- This is the 3rd decline in a row.
- Blaming lack of homes to sell and higher prices
- Home builders also warn that confidence in economy may be eroding.
- Year on Year increased 0.5% on a unadjusted basis
- 3 of 4 regions showed monthly declines.
- Sells fell -1.3% in the west, -1.2% in the south and -0.8% in the northeast. They were unchanged in the midwest.