US DATA: this is correct: June existing home sales -5.4% to annual
rate of 4.37 mln (4.65 mln expected) which is still 4.5% above a year
earlier, the 12th month of y/y increases. May revised up to 4.62 mln
rate from orig 4.55. Regionally, sales down in all four regions, most
being the -11.5% in the Northeast. Median nat’l home price in June
$189,400, which is +7.9% from yr earlier. Inventories are still a 6.6
mos supply or 2.39 mln units. NAR chief econ says despite June being
slowest in 8 mos, not worried that sales momentum is faltering, given
some failed foreclosure sales due to title company caution, and perhaps
backup of mtg apps. NAR still sticking with 4.66 mln sales forecast for
the year. Year-to-date sales are up 8% over last year.
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