Oct existing home sales +1.4% to 5.22 mln...>

US DATA: Oct existing home sales +1.4% to 5.22 mln SAAR (-5.1% y/y, largest drop

since taper tantrum), slightly ahead of expectations for 5.18m. This followed an

unrevised 5.15m rate in Sept. Even with this gain NAR's Yun suggested the

housing market is "still not on solid ground."

- NAR's Yun noted that higher rates are choking off home buying activity and

nearly 20% of current owners appear unwilling to let go of their current low

mortgage rates. He noted that with inflation softening, it may be time for the

Federal Reserve to pause its tightening pace and allow the housing market to

recover.

- Sales were +0.9% for single-family homes and +5.3% for condos. Sales rose in

NE (+1.5%), South (+1.9%) and West (+2.8%), but declined in the MW (-0.8%). 

- The supply of homes -1.6% to 1.85m, +2.8% y/y. The months supply slipped to

4.3 months from 4.4 months in Sept, but above the 3.9 months supply a year ago.

The median sales price slipped in Oct to $255,400, but +3.8% from a year

earlier, still outpacing the pace of wage growth.