US pending home sales for May -0.8% vs. 1.0% estimate

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.