June existing home sales -0.6% to 5.38......>

US DATA: June existing home sales -0.6% to 5.38 mln saar (-2.2% y/y), below

expectations for 5.42m. This followed a downward revised 5.41m pace in May. YTD

sales -2.2% from year ago.

- Sales were -0.6% for single-family homes and unch for condos. Sales rose in NE

(+5.9%) and MW (+0.8%), but declined in the South (-2.2%) and West (-2.6%).

- The supply of homes +4.3% to 1.95m, +0.5% y/y, first y/y increase since June

2015. The months supply rose to 4.3 months, and was up slightly from the 4.2

months supply a year ago. The median sales price rose in June to record high

$276,900, +5.2% from a year earlier, well outpacing the pace of wage growth. 

- NAR's Yun noted year/year gain in supply may suggest inventories have bottomed

out and will rebound, but it remains to be seen. It appears builders have

increased production. Days on market were 26, down from 28 a year ago, so "very

fast moving market." First time buyers were 31% of transactions, little changed

from last year.