The Daily Difference: Home sales report
Pending home sales today came in below consensus: -0.6% vs. a consensus estimate of 1.1%. Although the reading was better than September’s 5.6% dip, this month marked the first time in nearly three years the index was down year-over-year. Although housing prices have yet to be affected, the fifth monthly decline in a row for pending home sales certainly indicates we should be concerned. Nevertheless, the market is still up. Continuing to look for reasons to justify the advance in stocks, the market is up this morning on news of an agreement with Iran regarding nuclear policy. With equities rising in response to the news, brent crude oil took a hit in response to the likely easing of oil export restrictions and removal of economic sanctions.