US DATA: May exist home sales -3.8% to a SAAR 4.81 mln (4.80 mln
expected), -15.3% from a year ago. April sales downwardly revised
slightly to 5.00 mln. NSA May sales +4.8%. Inventories up to 9.3 mos
supply with 3.72 mln units avail for sale. Sales down in 3 of 4
geographic regions, with no change in the West. Nat’l median sales price
$166,500, -4.6 from yr ago. NAR economist said though May was down
again, actual closings did not drop as much as implied by the report on
pending sales, and in fact next week’s pending sales report is showing
some ‘solid gains,’ of 15% to 20% increases, based on incomplete data.
So May may represent the bottom for sales for the year, and a continuing
sluggish recovery, not a substantial double dip, the rest of the year.
There could be some backsliding, however, in what he termed a
‘technical’ dip, but no recession.