Earnings of 51 cents per share missed even the lowered Zacks consensus 56 cents (which helped bust the normally well-regarded semiconductor leader down to a Zacks Rank #4 ), while revenues in the quarter came in-line with expectations at $6.70 billion.

Meanwhile, graphics chip innovator NVIDIA NVDA posted Q2 earnings this afternoon, a couple weeks removed from a big guide down for the quarter. All of these numbers indicate major headwinds mostly on the price/mortgage rate side. The Northeast shows a -1.9% drop from June to July, -15.4% from July 2021, while the Midwest lost -2.7% month over month and -13.4% from a year earlier.

The South was -1.1% from the previous month and -20% year over year. That said, the West is also the worst performer year over year: -30.1%. But that rounding-out on the bottom end is something worth considering as these reports come out over time - if we’ve come close to hitting bottom on housing, that suggests the return back upward should (soon?) follow.īy region, only the West showed a month over month improvement in pending home sales, +2.2%.

None of this comes as much of a surprise, with mortgage rates having ramped up +54% on average from a year ago - a direct result of rising interest rates from the Fed translating to higher mortgage costs. Overall, pending home sales have dropped -19.9% year over year.

Pending Homes Sales for July may be showing signs of a bottom forming in housing, for as we once again saw a negative headline (-1.0%) for the eighth month out of the past nine, it was better than the expected -3.0%, and far removed from the downwardly revised -8.9% we saw for June.

Nvda earnings report q2 2018