USA Pending Home Sales (MoM) For July 0.9% Vs -0.6% Est.; 0.4% Prior
Portfolio Pulse from Happy Mohamed
USA's pending home sales for July increased by 0.9%, beating the estimated decrease of -0.6% and the prior figure of 0.3%.
August 30, 2023 | 2:00 pm
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POSITIVE IMPACT
The better-than-expected pending home sales data may have a positive impact on the SPY ETF, as it indicates a healthy real estate market, which is a key component of the US economy.
Pending home sales are a leading indicator of economic health. The increase in pending home sales suggests a robust real estate market, which can positively impact the broader economy and, consequently, the SPY ETF, which tracks the S&P 500 index.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70