Headline: Down 11.6% month-over-month, down 26.8% year-over-year
Expectations: 1.0% month-over-month decline
Analysis: Last month, the pending home sales index surged 5.1%, and it was expected to pull back from that this month. But this is a sharply lower number than expected.
While, again, we’re dealing with a weak overall market, with few sales happening in the first place, this is still a huge negative miss. It continues to show that the housing market has yet to have found a bottom.