Home sales are booming
- Prior was 901K (revised to 965K)
- Sales +4.8% m/m vs -1.2% expected
- Supply at 3.3 months vs 3.6 months prior
- Homes for sale at end of Aug 0.282m vs 0.291m prior
- Median sales prices $312,800, up 4.3% y/y
The bull case for the US economy is that home equity once again acts as a big tailwind for consumer spending, similar to pre-2007.
