Highlights
Pending home sales had been offering some of the most promising signs for the US housing market. But not after the April results which show a surprising and sharp 5.5 percent monthly drop that includes an even sharper decline in the report's largest region which is the South. April's drop ends three prior months of gains and compares with an Econoday consensus for a gain of 0.5 percent. The results, which are based on contract signings, point to weakness for existing home sales in May and June. The news isn't helping the Dow which is moving to opening lows. Attention on the US economy turns from housing to the jobs market with weekly claims to be posted tomorrow and the big monthly employment report on Friday.

Market Consensus before announcement
The pending home sales index in March jumped 4.1 percent, convincingly extending the strong upward trend for the pending home sales index. The number of contract signings for purchases of existing homes has been moving higher since September, as have the closings of these purchases. Pending sales were up in five of the last six months. But the gain in closings, at only five percent during this period, is badly lagging the 17 percent gain for signings. Still, the gain for March was unusually strong and given the usual stumbling blocks to closings-appraisal problems, credit problems-the March report provides some moderate optimism for the spring housing market.

2012 Released Schedule

Released On: 1/21 2/23 3/22 4/22 5/26 6/23 7/22 8/25 9/23 10/21 11/25 12/24 Release For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov