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Existing Home Sales Fall Less Than Expected, Relative Supply Slowly Increases

  • Existing home sales fared better than expected in September as they fell -2.0% (cons -3.7%) after an unrevised -0.7% M/M.
  • It’s a less severe drop as what has been indicated by pending home sales but nevertheless leaves the level of sales at the lowest since 2010 (recall that mortgage applications last week touched fresh lows since 1995).
  • Against the typical seasonal norm for September, the months of supply increased by 0.1 to 3.4, although it’s still below the 4.2 months averaged in September in 2017-19.
  • As such the market remains relatively tight with fewer willing to move with mortgage rates continuing to set multi-year highs.

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