July existing home sales -0.7% to 5.34m.....>

US DATA: July existing home sales -0.7% to 5.34m saar (-1.5% y/y), below

expectations for 5.40m and a fourth straight decline. This followed no revisions

to the 5.38m June pace.

- The July sales pace is slightly below the 5.41m second quarter average.

- Sales were -0.2% for single-family homes and -4.8% for condos. Sales fell in

Northeast (-8.3%), Midwest (-1.6%) and South (-0.4%), but rose in the West

(+4.4%).

- The supply of homes -0.5% to 1.92m, unch y/y (first time without drop in three

years). The months supply stayed at 4.3 months, also unchanged from the 4.3

months supply a year ago. The median sales price fell in July to $269,600, but

was still +4.5% from a year earlier, well outpacing the pace of wage growth.

June price revised down to $273,800.

- NAR's Yun noted that days on market remain very low. Housing market still

lagging due to low inventory levels, but with inventories now stabilizing, home

price acceleration appears to have slowed.