US DATA: May existing home sales -1.5% to 4.55 mln pace, which is +9.6%
above year earlier (4.57 mln expected). Apr unrevised. The nat’l median
price in May of $182,600 was highest since June 2010 and 7.9% above year
earlier. Inventories at 2.49 mln was 6.6 mos supply, and NAR econ says
inventory, while up a little, not showing the usual spring boost.
Overall, he says, housing has clearly turned the corner, tho in some
midwest and northeast states, a new wave of distressed property could
dampen sales some more when judicial-review pipeline moves. Distressed
sales down, and so are low-end $100K unit and less sales as inventory
gets scarce. Credit standards blocking low-end buyers as well as small
builders, he says. May sales down in 3 of 4 geographic regions.