US DATA: Aug exist home sales +7.6% to 4.13 mln rate (4.14m
expected) with July upwardly revised only slightly. That’s 19.0% below a
yr ago and the second worst sales rate since ’97. Inventories at 11.6
mos supply, less than July’s 12.5 mos. (Healthy would be 5-6 mos
supply.) NAR econ says still hoping for a 5 mln sales year, which would
mean a rebound later in yr to around a 4.5 mln rate which would
correspond to about 9 mos inventories. Fortunate, he says, mortgage
rates holding so low. Regionally, sales up in all four regions, +7.9% in
NE, +5.0% in MW, +5.2% in the South and +13.8% in the West.The nat’l
median price was $178,600, +0.8% from yr ago. NAR economist says picture
still ‘sub par after the big tumble’ when the tax credit ended but
‘showing some sings of healing.’