Sept existing home sales -3.4% to 5.15......>

US DATA: Sept existing home sales -3.4% to 5.15 mln saar (-4.1% y/y), below

expectations for 5.27m. This followed a downward revised 5.33m pace in August. 

- The third quarter average was below the second quarter average. 

- Sales were -3.4% for single-family homes and -3.4% for condos. Sales were flat

in the Midwest, but were down in the Northeast (-2.9%), the South (-5.4% on a

small hurricane effect), and the West (-3.6%).

- The supply of homes -1.6% to 1.88m, but +1.1% y/y. The months supply rose to

4.4 months from 4.3 months in August, above the 4.2 months supply a year ago.

The median sales price fell in Sept to $258,100, but +4.2% from a year earlier,

well outpacing the pace of wage growth. 

- NAR's Yun noted that this is the lowest level of existing home sales since

November 2015, pointing to decade's high mortgage rates and unaffordable home

prices.