Existing home sales numbers from the National Association of Realtors
- Prior was 5.39m (revised to 5.37m)
- +2.0% m/m vs +0.2% m/m expected
- National median house price $247K (+5.5% y/y)
- Inventory 3.9 months
- Inventory down 10.4% y/y, to 1.8 months, lowest since 1999
That's a four-month high in existing home sales as the impacts of the hurricanes fade.
I've said this before, but I believe that one of the best trades for the next 10 years will be US housing.