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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.
US DATA
- Existing home sales were softer than expected in August, surprisingly dipping -0.7% M/M (cons +0.7%) after an unrevised -2.2% M/M.
- The small decline came with relatively small moves across the major regions, rising in the Midwest, unchanged in the northeast and slipping in the south and west.
- The modest national decline further widens the gap to new home sales, with existing home sales more than 25% below pre-pandemic levels vs new home sales in excess of pre-pandemic levels.
- Inventory of unsold homes dipping -0.9% M/M meant that the prior increase in the months of supply stalled at 3.3, unchanged from both July and Aug’22. Whilst higher than in the post-pandemic price boom, supply still remains far tighter than the 4-4.5 months in typical pre-pandemic summer months (blue lines in second chart below).
- The latter is supporting prices, with the median sales price now up 4% Y/Y.
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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