US DATA: Existing home sales fell 3.5% to a 4.670 mln annual rate
in July, vs 4.98 mln expected, with single-family sales -4.0% and condo
sales unch. Sales were down in the South and the West, but up in the NE
and MW. The supply of homes for sale fell 1.7% to 3.652m, putting the
months supply at 9.4 vs 9.2 in Jun, highest since Nov 2010. NAR says
we’re at peak of inventories. The median sales price was -0.9% to
$174,000, dn 4.4% from a year earlier. NAR noted that if CPI continues
to rise, could lead to higher mortgage rates.