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March existing home sales -4.9% to 5.21m....>

US DATA
US DATA: March existing home sales -4.9% to 5.21m saar (-5.4% y/y), below the
5.30m BBG and 5.36m MNI expected. Feb sales rev slightly downward TO 5.48m.
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- Q1 sales average (5.21m) up from the Q4 average (5.14m) due to Feb surge
- Sales were -4.9 for single-family homes and -5.3% for condos. 
- Sales were down in all four regions of the country
- The supply of homes +3.1% to 1.68m, +2.4% y/y. The months supply rose to 3.9
months from 3.6 months in Feb and 3.6 months supply a year ago. 
- The median sales price rose in March to $259,400, +3.8% from a year earlier. 
- NAR's VP Jessica Lautz noted low supply of affordable homes that must be
addressed.
- NAR also noted that removal of mortgage-interest deduction negative for sales.
- NAR expects an improvement in sales as mortgage rates remain low, as suggested
by strong mortgage application data.

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