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Why MNI
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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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Free AccessApril existing home sales -2.5% to 5.46m....>
US DATA: April existing home sales -2.5% to 5.46m SAAR (-1.4% y/y), below
expectations for 5.58m. This followed an unrevised 5.60m pace in March. Sales
remain within a narrow range, the NAR said.
- The April sales pace is slightly behind the 5.51m first quarter average,
suggesting little forward momentum.
- Sales were -3.0% for single-family homes and +1.6% for condos. Sales fell in
the NE (-4.4%), South (-2.9%), and West (-3.3%) and were unchanged in the
Midwest.
- The supply of homes +9.8% to 1.80m to start the spring selling season, but
still -6.3% y/y. The months supply jumped to 4.0 months from 3.5 months in
March, but down from the 4.2 months supply a year ago. The median sales price
rose in April to $257,900, +5.3% from a year earlier, still well outpacing the
pace of wage growth.
- NAR's Yun noted again that supply issue are lifting prices, while rising
mortgage rates are also hurting affordability. Median days on the market 26 days
in April vs 39 days a year ago.
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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.