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US DATA: Home Sales Underwhelm, Further Rebalancing In Relative Supply

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Existing home sales were a little softer than expected in August at 3.86m (saar, cons 3.90m) after a marginally upward revised 3.96m (initial 3.95m).
  • It saw a return to monthly declines after the 1.5% in July was the first increase since February – sales have fallen a cumulative 12% since then.
  • The regional breakdown shows a somewhat broad-based latest decline, led by the south (-3.9%) followed by the west (-2.7%), northeast (-2.0%) and Midwest (0.0%).
  • The level of existing home sales is comfortably below the lows seen in the pandemic and just 0.01m higher than the Oct’23 low, whilst pending sales data suggest some further declines are in the pipeline.
  • The 4.2 months of supply is equal the average for August’s through 2017-19, consolidating the latest push towards more typical balance seen this summer.
  • This readjustment has helped dampen house price growth as it moderated from 3.9% to 3.1% Y/Y in August. 
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  • Existing home sales were a little softer than expected in August at 3.86m (saar, cons 3.90m) after a marginally upward revised 3.96m (initial 3.95m).
  • It saw a return to monthly declines after the 1.5% in July was the first increase since February – sales have fallen a cumulative 12% since then.
  • The regional breakdown shows a somewhat broad-based latest decline, led by the south (-3.9%) followed by the west (-2.7%), northeast (-2.0%) and Midwest (0.0%).
  • The level of existing home sales is comfortably below the lows seen in the pandemic and just 0.01m higher than the Oct’23 low, whilst pending sales data suggest some further declines are in the pipeline.
  • The 4.2 months of supply is equal the average for August’s through 2017-19, consolidating the latest push towards more typical balance seen this summer.
  • This readjustment has helped dampen house price growth as it moderated from 3.9% to 3.1% Y/Y in August.