Dec. 19: Existing-home sales fell to an annualized rate of 5.35 million units in November, below the 5.44 million pace we and the consensus expected, while the initial estimate of October sales was revised modestly lower. To put this in perspective, a supply of about six months is seen as reflecting balanced market conditions. Persistently lean inventories have fueled steady increases in the median existing-home sales price, which, as of November, is up 5.4% year on year. Read More...
Dec. 19: Existing-home sales fell to an annualized rate of 5.35 million units in November, below the 5.44 million pace we and the consensus expected, while the initial estimate of October sales was revised modestly lower. To put this in perspective, a supply of about six months is seen as reflecting balanced market conditions. Persistently lean inventories have fueled steady increases in the median existing-home sales price, which, as of November, is up 5.4% year on year.
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