Existing Home Sales Down May; Prices Up

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Housing Update: Existing Home Sales

The National Association of Realtors reports that Existing Home Sales for the month of May fell by -1.5%.

Sales were reported at an annualized rate of 4.55 million units, which was slightly below the estimate for a rate of 4.58 million units and last month’s unrevised 4.62 million.

Prices of all homes are up +7.9% on a year-over-year level with the median sales price now at $182,600.

The report also notes that there is a 6.6 month supply of homes on the market and that distressed sales make up 25% of all sales.

Other stories on the US Economy to review:

• LEI Rises in May: Points to "Muddle Through"
  
• Philly Fed Plunges in June
  
• Flash PMI in US Shows Manufacturing Growth Slowing
  
• Housing Starts Down But Permits Up Strong
  
• UofM's Consumer Sentiment also Weak
  
• Industrial Production and Capacity Utilization Below Expectations
  
• Empire Manufacturing Disappoints in June
  
• CPI Declines in May
  
• Business Inventories Above Expectations in April
  
• Retail Sales Fall Across Board in May
  
• PPI Shows Inflation Fell at Producer Level in May
  
• NFIB Small Business Optimism Pulls Back
  
• ISM Non-Manufacturing Index Above Expectations
  
• Some Good News: Employment Trend Index Moves Up
  
• May Jobs Report Disappoints Big Time
  
• ISM Report Shows Growth Slowing
  
• Q1 GDP Revised Lower

 

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