June existing home sales -1.7% to...........>

US DATA: June existing home sales -1.7% to Below-Expected 5.27m SAAR (-2.2% y/y)

--------------------------------------------------------------------------------

- Sales below 5.33m BBG, 5.34m MNI expected. May sales rev up slightly.

- Q2 sales average pace at 5.28m vs 5.21m Q1 average

- Sales were -1.5% for single-family homes and -3.3% for condos. 

- Sales up in Northeast (+1.5%) and Midwest (+1.6%), but fell in the South

(-3.4%) and West (-3.5%).

- The supply of homes +1.0% to 1.93m, but unch y/y. The months supply rose to

4.4 months from 4.3 months in May and June 2018. 

- The median sales price rose in June to record $285,700, +4.3% from a year

earlier, but -6.0% inflation adjusted

- NAR's Yun noted that high wage growth and job creation should be fueling home

sales. He said "it makes no economic sense."

- Yun also noted that while overall consumer inflation remains tame, prices have

increased sharply for the housing components in the CPI. He again pointed to

tight supply as a reason for rising prices.