US July pending home sales -0.8% m/m vs +0.4% expected

Pending home sales for July
– Prior was +1.5% (revised to 1.3%)
– Sales -0.5% y/y vs +0.5% y/y expected
– Prior y/y +0.7% (revised to +0.4%)
Sizeable misses and negative revisions. What’s going on with housing? There was talk it was an inventory issue and that’s probably the case but there have been a string of poor numbers