US existing home sales
- Prior was 4.28M
- Inventory of homes for sale 1.08M vs 1.04M prior
- Supply at months 3.0 vs 2.9 months prior (balanced is considered 6 months)
- Median sale price $396.1K vs $388.8K prior
- Median sale prices -3.1% y/y
The US is supply constrained because all the people on 30-year fixed mortgages don’t want to sell and give them up. That’s left for-sale inventories very low, despite rising interest rates. In turn, it’s helped to put a floor under prices and spurred home builders to get building, especially with supply chains improving.
This report rarely affects the US dollar .