Free Trial

June Existing Home Sales +20.7% to 4.72m....>

US DATA
US DATA: June Existing Home Sales +20.7% to 4.72m SAAR (-11.3% y/y)
-------------------------------------------------------------------
- Sales just tad below market expectations for 4.75m. May sales unrevised at
3.91m.
- Supply shrinking on yoy basis for 13th straight month; 4.0 mos supply
- Median sales price rose to record $295,300, +3.5% yoy
- Yun: housing market is "red hot" on buyer backlog. Sellers finding eager
buyers, multiple offers; 24 days on market in Jun vs 27 a year ago
- Yun: surprised home prices weren't stronger, may reflect higher volume of
affordable homes purchased
- Single-family homes continuing to outperform condos with condo sales
comprising only 9% of total sales compared to 12% normally  
- Yun: a second lockdown would be detrimental to sales activity but may not hurt
prices; virtual transactions under 10% of sales
- Yun: investors "stepped away" in June, could be beginning of trend
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

To read the full story

Close

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.