Sept existing home sales +0.7% to 5.39m.....>

US DATA: Sept existing home sales +0.7% to 5.39m saar, slightly above

expectations for 5.30m, but down from year-ago. The data reflect a 4% y/y gain

in Houston, somewhat of a surprise. Florida sales -22% y/y, particularly in

South Florida. Sales were +1.1% for single-family homes and -1.6% for condos.

Sales gains were seen in Midwest and West, offset by a decline in South.

Northeast sales unchanged. The supply of homes +1.6% to 1.90m, holding the

months supply steady at 4.2 months when combined with the small sales gain. The

supply was down 6.4% from a year ago. Median sales price $245,100, +4.2% y/y.

NAR's Yun repeated that sales prices still rising faster than incomes and that

more supply is needed, but suggested that new home building could suffer as

homes damaged by the storms will need to be repaired or rebuilt first. Days on

market 34 days vs 39 days year ago, showing demand remains strong. Yun added

that the NAR is against the current tax plan being considered by Congress, as it

would reduce the home buyer tax credit and the mortgage interest deduction. See

MNI main wire.