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Below is a chart and brief excerpt from today's Early Look written by Global Macro Analyst Christian Drake.

Meanwhile, Pending Home Sales rose +1.5% sequentially, accelerating to a 46-month RoC high at +3.96% Y/Y.  On an NSA basis, signed contract volume was +6.3% Y/Y, good for a 50-month RoC high. 

And comps only get easier the next three months.  In other words, rate-of-change solidity across housing volume measures is pretty much baked through year-end.

CHART OF THE DAY: Pending Home Sales - CoD PHS

CHART OF THE DAY: Pending Home Sales - early look