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Discrepancy Between Existing and New Home Sales Continues

US DATA
  • Existing home sales fell by slightly more than expected in June, by -3.3% M/M (cons -2.1) after +0.2% to leave them at 4.16M (cons 4.21M).
  • The downward trend in place ever since a very strong 14% jump back in February is in firm contrast to a far more resurgent bounce in new home sales that has seen them exceed pre-pandemic levels vs existing home sales still some 20% below.

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