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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Existing home sales were a little weaker than expected in April at 4.14m (cons 4.23m) after an upward revised 4.22m in March (initial 4.19m).
- The latest profile leaves sales -1.9% M/M in April after a smaller than first thought decline of -3.7% M/M in March, still retracing the surprise 9.5% jump in Feb.
- Median prices helped offset the modest miss, accelerating from 4.7% to 5.7% Y/Y to push above the 5.6% in Feb for its highest since Oct’22.
- The strength in house price growth could meet a headwind in the months ahead though after a sizeable shift in relative supply.
- Specifically, months of supply increased from 3.2 in Mar to 3.5 in April vs the 3.0 in Apr’23 and 2.2 in Apr’22. It’s another step towards the 4.0 months averaged through 2017-19.
- See the contrast to relative supply vs new home sales in the chart below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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