Existing home sale may increase to 4.3M
|Existing Home Sales – Level – SAAR||4.13 M||4.300 M||4.210 M to 4.600 M|
Market Consensus Before Announcement
Existing home sales in August made a moderate comeback, rising 7.6 percent to a 4.130 million annual rate, up substantially from July’s 3.840 million rate. Gains were broad based across regions. And supply edged down to 11.6 months from a recent high of 12.5 in July. Still inventories are quite bloated.
Existing home sales reached a peak in mid-2005 and have been easing since. Typically, a distinct reverse relationship exists between home sales and mortgage rates. However, sales and mortgage rates both have firmed in recent months.
Data Source: Haver Analytics