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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 as expected in July at 3.95m (cons 3.94m) after a marginally upward revised 3.90m (initial 3.89m).
- It saw sales increase a tepid 1.3% M/M after the -5.1% in June rounded off an 11% cumulative decline through Feb-Jun.
- Increases were primarily driven by the northeast (4.3%, smallest region) whilst the other three major regions were only 0-1.4% higher.
- There’s no real surprises on the supply side either: months of supply stood at 4.0, still close to the 4.2 average in July’s through 2017-19 as it consolidated the prior relative jump in June to 4.1 vs a pre-pandemic average of 4.2.
- Median price growth meanwhile was largely steady at 4.2% Y/Y after 4.1%.
- There is little sign of uplift from declining mortgage rates in the existing home sales data, which continue to hover close to post-pandemic lows. Latest mortgage applications suggest little change is imminent either with refis jumping but new purchase applications broadly trending sideways also near recent lows.
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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