Despite an increase in mortgage rates, U.S. pending home sales unexpectedly rose to 0.8% in Feb-23, the highest level since Aug-22 and beat market expectations by a wide margin (Refinitiv: -2.3%), signalling that the slump in the housing market could be bottoming out.
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Mar 30, 2023
Macro and Markets Research
Despite an increase in mortgage rates, U.S. pending home sales unexpectedly rose to 0.8% in Feb-23, the highest level since Aug-22 and beat market expectations by a wide margin (Refinitiv: -2.3%), signalling that the slump in the housing market could be bottoming out.