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COLOMBIA: Real Home Sales Prices Rose Again In Q2, 12-Month Trade Deficit Stable

COLOMBIA
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  • Inflation-adjusted existing home sales prices rose by 3.7% y/y in the second quarter, according to Bloomberg, a fourth consecutive quarterly gain. In nominal terms, home prices rose by 11% y/y, down from around 12% y/y in the previous quarter.
  • Also, yesterday, the wider than expected $617.9mn trade deficit in July was driven by a rebound in imports on the back of strength in capital goods imports (+39.7% y/y) and further improvement in consumer good imports (+24.1% y/y). On a 12-month rolling basis, the trade deficit sits at $9.4bn, down marginally on last year. Itaú sees this translating into a stable current account deficit this year, at around 2.5% of GDP.
  • On the data front, the next release in the calendar will be August industrial and retail confidence next Wednesday. Following that, focus will shift to the Sept 30 BanRep monetary policy meeting, when the central bank will consider whether to step-up the easing pace to 75bp or deliver another 50bp cut. The recent central bank economist survey showed that it will be a tight call, with a slight majority of analysts leaning towards a 75bp move.
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  • Inflation-adjusted existing home sales prices rose by 3.7% y/y in the second quarter, according to Bloomberg, a fourth consecutive quarterly gain. In nominal terms, home prices rose by 11% y/y, down from around 12% y/y in the previous quarter.
  • Also, yesterday, the wider than expected $617.9mn trade deficit in July was driven by a rebound in imports on the back of strength in capital goods imports (+39.7% y/y) and further improvement in consumer good imports (+24.1% y/y). On a 12-month rolling basis, the trade deficit sits at $9.4bn, down marginally on last year. Itaú sees this translating into a stable current account deficit this year, at around 2.5% of GDP.
  • On the data front, the next release in the calendar will be August industrial and retail confidence next Wednesday. Following that, focus will shift to the Sept 30 BanRep monetary policy meeting, when the central bank will consider whether to step-up the easing pace to 75bp or deliver another 50bp cut. The recent central bank economist survey showed that it will be a tight call, with a slight majority of analysts leaning towards a 75bp move.