Dec existing home sales -6.4% to 4.99 mln...>

US DATA: Dec existing home sales -6.4% to 4.99 mln saar (-10.3% y/y), well below

expectations for 5.21 mln and the lowest since Nov 2015 (4.78m). This followed

an upward revised 5.33m pace in Nov. The NAR noted some affordability issues.

- Q4 sales pace was below the Q3 average. Full year sales were 5.34m in 2018,

down 3.1% from 5.51m in 2017--which was the best post-crisis. 2018 median sales

price record $259,100 (+4.8% Y/Y, slowest since 2012).

- Sales were -5.5% for single-family homes and -12.9% for condos. Sales fell in

all four regions with the NE (-6.8%), Midwest (-11.2%), South (-5.4%) and West

(-1.9%).

- The supply of homes -10.9% to 1.55m, +6.2% y/y. The months supply fell to 3.7

months from 3.9 months in Nov, but well above the 3.2 months supply a year ago.

The median sales price fell in Dec to $253,600, +2.9% Y/Y (smallest gain since

Feb. 2012).

- NAR's Yun noted home price growth has slowed to a pace at or below wage

growth, a turnaround from recent years. A survey showed 75% of realtors had not

seen a noticeable shutdown impact yet, but it is expected to worsen. continues.