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Feb existing home sales surge 11.8% to......>

US DATA
US DATA: Feb existing home sales surge 11.8% to 5.51m saar (-1.8% y/y), well
above 5.10m BBG and MNI expected. Jan sales rev down slightly.
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- Q1 sales average now above Q4 average
- Sales were +13.3% for single-family homes and unch for condos. 
- Sales up in MW (+9.5%), South (+14.9%) and West (+16.0%), unchanged in NE.
- The supply of homes +2.5% to 1.63m, +3.2% y/y. The months supply slipped to
3.5 months from 3.9 months in Jan, slightly ahead of the 3.4 months supply a
year ago. 
- The median sales price ticked up in Feb to $249,500, +3.6% from a year
earlier. 
- NAR's Yun noted lower interest rates, more inventories, stronger wage growth.
- Feb sales jump largest since Dec 2015, well outside normal range of gains

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