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May Existing Home Sales Preview - 10:00.....>

US DATA
US DATA: May Existing Home Sales Preview - 10:00 EDT/15:00 BST
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- May existing home sales are expected to rebound to a 5.27m SARR, based on both
the Bloomberg consensus MNI survey of analysts. This follows a slight decline to
5.19m SAAR in April.
- Through April, home sales were running below their year-ago level. The NAR
noted that supply remains tight, but also said that days on the market were
extremely low, so demand is there once supply catches up.
- Home building data released on Tuesday showed that starts and permits remained
sluggish in May and completions fell sharply, so the supply of existing homes
for sale, which are tied to new home supply, are unlikely to rise sharply in the
near future. 

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