US: Existing home sales likely to decline by 2.7% - Nomura

Analysts at Nomura forecast a 2.7% m-o-m decline in US existing home sales to an annualized pace of 5.39mn.

Key Quotes

“Pending home sales, upstream from existing home sales, rose 3.1% in February but fell 5.0% in January, pointing to a mild downside risk for March existing sales. Moreover, cold weather returned in March after an unseasonably warm February, likely further dampening contract closing activity. Finally, ongoing structural issues in the existing homes market, including a shortage of available units, will likely continue to put downward pressure on existing home sales this year.”