US July pending home sales +1.3% vs +0.7% m/m expected

Pending home sales data
– Prior was +0.2% m/m (revised to -0.8%)
– Sales -2.2% y/y vs +2.2% exp
– Prior y/y reading was +0.3% (revised to -0.7%)
The downward revisions to the prior make this much worse than it first appears.