US: Pending home sales remain muted in the near term - Nomura

Analysts at Nomura point out that in the US, pending home sales have softened recently with declines in April and May of 1.3% and 0.5% m-o-m, respectively, corresponding with soft readings of existing home sales in recent months.

Key Quotes

“At the moment, without a substantial change in housing market dynamics – with steady demand and low inventory – pending home sales activity may remain muted in the near term.”