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Highlights

This has not been a good run for housing data. Pending home sales fell a very steep 2.6 percent in October which is far below Econoday’s consensus range. Existing home sales did end a long downturn in last week’s report but today’s results point strongly to another leg down for final sales.

The West is the weakest region with pending sales falling very sharply in the month for a year-on-year decline of 8.9 percent. The Midwest and South show single-digit declines with the Northeast a marginal yearly gain. The overall year-on-year rate for pending sales is minus 6.7 percent.

Case-Shiller and FHFA home price data opened the week showing softness followed by yesterday’s tumble for new home sales followed now by a tumble for pending resales. Housing has had a flat year and looks to be limping badly into year end.