Existing home sales unlikely to have changed in October
Source: FxWire Pro - Commentary / 20 Nov 2017 10:12:31 Eastern Standard Time
Existing home sales in the U.S. had risen in the month of September following three straight months of decline. However, the continued strain from lean inventories brought the year-on-year changes into negative territory, noted Wells Fargo in a research report. Existing home sales had dropped 1.5 percent year-on-year in September; however, inventories had fallen even more, down 6.4 percent.
The data were also affected in the month as hurricanes had shut down active markets in the South, though sales in other regions were sufficient to counter the decline. Pending home sales, which gauge signed contracts and tend to lead existing sales by one or two months, were flat in September after a decline in August. Weakness was greatly focused in the South, implying that the hurricane effects have not fully flushed out in the resale data, which bears watching in months ahead. Still demand continues to be solid in the housing market and recent softness is mainly because of lack of available homes for sale.
According to Wells Fargo, existing home sales are expected to have remained almost stable at 5.38 million in October.
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