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Policy
Policy
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Global Macro
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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.
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Free AccessMNI: China CFETS Yuan Index Down 0.13% In Week of Dec 27
MNI: PBOC Net Drains CNY20.5 Bln via OMO Mon
MNI ASIA OPEN: Trade Deficit, Tariffs and Debt Limits
MNI BRIEF: US Existing Home Sales Slipped 2.5% To 3.86M In Aug
U.S. sales of existing homes in August fell 2.5% to a seasonally adjusted annual rate of 3.86 million, the National Association of Realtors said Thursday, below expectations. Sales have been below a pace of 4 million for three straight months and are down 4.2% on the year.
But Lawrence Yun, NAR chief economist, told reporters he is optimistic about the future pace of home sales, pointing to wages that are now beginning to outpace home price growth. "There's a long period where wages needed to catch up with home prices," he said. Since the pandemic, "home prices have risen by 49% nationwide, while wages over that same five year time period grew by 25%. So essentially, home prices cumulatively have outpaced wage gains by roughly a two-to-one ratio."
"It takes several months for the impact of lower mortgage rates to show up on closing activity," he said. "It's just inevitable in several months that we will see an increase in sales."
The national median home price rose 3.1% over the past year to USD416,000, the 14th straight month of year-over-year price gains. The inventory of unsold existing homes rose 0.7% from the previous month to 1.35 million at the end of August, the equivalent of 4.2 months of supply.
To read the full story
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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.