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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US
September saw a smaller-than-expected drop in existing home sales, but prior was revised lower, and it's the lowest number of home sales since May 2020. Ex-Pandemic, it's the lowest number of existing home sales since 2012.
- The NAR points to low inventory (1.25mln units, down 0.8% Y/Y) representing a 3.2-month supply at the current sales pace, up from 2.4 months a year earlier, as supportive of prices in spite of soaring mortgage rates. Chart below shows total sales and months of implied supply.
- So a mixed report, but clearly high mortgage costs are exerting a major gravitational force on US housing.
- It's further evidence that the Fed's tightening this year has had a tangible impact in reducing demand.
Source: NAR, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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