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A Pause In The Existing Home Sales Slide

US DATA
  • Existing home sales help 2Y Tsy yields rise to cycle highs with a smaller than expected decline in August of -0.4% M/M (cons. -2.3%) as the pace slowed abruptly from the -5.7% in July and an average monthly decline of almost -5% through 1H22.
  • That's despite price growth continuing to cool, with NAR’s Yun noting recent declines are larger than usual. Median price growth slowed to 7.7% Y/Y from a most recent peak of 15% in May’22 and cycle peak of 25% May’21.
  • Levels of inventory held at 3.2 months of current sales after strong increases, which despite being a sizeable increase in supply compared to post-pandemic levels, remains tight compared to the 2019 average of 3.9.

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