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.
Sales of U.S. existing homes fell 6.6% in February to a seasonally adjusted annual rate of 6.22 million, weighed by tightening inventory levels and not reflecting falling demand, the National Association of Realtors said Monday.
There were just 1.03 million homes available for sale at the end of February, down 25.5% from one year ago. At the current sales pace, it would take 2 months to exhaust that inventory, and the average existing home available for sale in February spent a record low of 20 days on the market, reflecting extremely high demand for housing, NAR chief economist Lawrence Yun said.
But that demand could retreat later this year as mortgage rates rise, Yun said, forecasting an increase to 3.5%.
US Existing Home Sales M/M
Source: Bloomberg
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.