US Pending Home Sales: Despite March’s decline, index remains at a solid level - Wells Fargo
|Analysts from Wells Fargo, explained that pending home sales pulled back 0.8% in March after a robust 5.5% gain in February. According to them, the index remains at a healthy level consistent with further gains in existing home sales.
Key Quotes:
“Pending home sales edged down in line with market expectations in March, as limited supply weighed on contract signings. Despite the decline, the index remains at a solid level consistent with continued improvement in existing home sales.
“Existing home sales reported a modest first quarter gain of 1.4 percent, suggesting broker commissions on property sales, which feed into the calculation for residential investment, will likely tick up slightly over the quarter.”
“We expect housing to support U.S. economic growth in the first quarter and look for residential investment to rise at a 10.5 percent annualized rate in Q1.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.