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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 DATA
Existing home sales rose 0.2% M/M in May to a 4.3mln (SAAR), beating expectations of a 0.7% fall to 4.25mln - but prices recorded their largest drop since December 2011 at -3.1% Y/Y to US$396.1k.
- The NAR told journalists (including MNI) that existing home sales have largely moved sideways in the past few months on "relatively stable" mortgage rates but transaction volume is significantly lower than last year, with down 20.4% Y/Y.
- The broader picture is that of a housing market that is showing strained functioning. Around 1/3 of homes are being sold above list price, and days on the market are just 18 days, indicative of very limited inventory (under 3 months' worth, for the past 6 months).
- One factor behind the lack of inventory is the reluctance of existing homeowners to give up low long-term fixed mortgage rates, in an environment of rising rates.
- With existing home sales stagnant, housing activity in H2 is likely to revolve around new home construction and sales.
Source: NAR, BBG, 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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