Highlights of the May report on US existing home sales:
- Sales rise to a 4.89M annual pace from 4.66M
- Sales up 4.9% in the month vs 1.9% expected
- Inventory at 5.6 months
- Median price $213.4K, up 5.1% y/y
- 11% of sales were distressed, lowest on record
Happy times are here again for the housing sector. In the early Spring so jitters were building about the home market but they’ve fallen to the backburner.
EUR/USD inched lower on this headline and the Markit PMI but the total fall is only 10 pips, down to 1.3584 last.
