Pending home sales for July

  • Prior was +1.5% (revised to 1.3%)
  • Sales -0.5% y/y vs +0.5% y/y expected
  • Prior y/y +0.7% (revised to +0.4%)

Sizeable misses and negative revisions. What's going on with housing? There was talk it was an inventory issue and that's probably the case but there have been a string of poor numbers now.