Aug existing home sales -1.7% to 5.35m......>

US DATA: Aug existing home sales -1.7% to 5.35m saar, below expectations for

5.48m. July unrev at 5.44m. The data suggest some hurricane impact from Harvey,

as sales in Houston declined 25% y/y. Sales would have been roughly flat without

the Houston drop, NAR said. NAR's Yun expect sales in Houston and much of

Florida will be impacted for the next 4-5 months, followed by better sales in

2018. Sales were -2.1% for single-family homes and +1.7% for condos. Sales gains

were seen in NE (+10.8%)and MW (+2.4%), offset by declines in South (-5.7%) and

West (-4.8%). The supply of homes -2.1% m/m (-6.5% y/y) to 1.88m, keeping the

months supply at 4.2 months when combined with the sales decline. Yun said that

fast buying continues, with days on the market declining, while inventories of

homes for sale remain very low. Seeing some slowing in first-time buyers, as

affordability remains an issue. Median sales price $253,500, +5.6% y/y, still

well ahead of wage growth. See MNI main wire.