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Home Sales Data Further Evidence Of Housing Weakness

US DATA

A modest beat on October's existing home sales (4.43mln annualized vs E4.40mln expected), but as with the rest of the week's housing data, the broader picture in the US housing market looks increasingly weak.

  • Outside of the pandemic, October saw the lowest monthly existing home sales since 2011.
  • Months of inventory remain low by historical standards at 3.3, but that's the highest ratio since June 2020, suggesting the home sale market is loosening.
  • While mortgage rates have fallen from the peak in the past week alongside Tsy yields, the housing sector is likely to remain under significant duress - and will be a prime driver of broader economic weakness going into 2023.


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A modest beat on October's existing home sales (4.43mln annualized vs E4.40mln expected), but as with the rest of the week's housing data, the broader picture in the US housing market looks increasingly weak.

  • Outside of the pandemic, October saw the lowest monthly existing home sales since 2011.
  • Months of inventory remain low by historical standards at 3.3, but that's the highest ratio since June 2020, suggesting the home sale market is loosening.
  • While mortgage rates have fallen from the peak in the past week alongside Tsy yields, the housing sector is likely to remain under significant duress - and will be a prime driver of broader economic weakness going into 2023.


Keep reading...Show less