January pending home sales data
- Prior was -0.3% (revised to +0.5%)
- Sales up +8.2% y/y vs +22.8% prior
Regional data:
- Northeast % vs +3.1% last month
- Midwest % vs -3.6% last month
- South % vs +0.1% last month
- West % vs 0.0% last month
Some of the miss is due to the December revision but this is mostly a story about a miss. That said, inventories are so tight that they're depressing sales as all the buyers hope for more inventory in the spring. What happens when that inventory doesn't come?
