US existing home sales for the month of November 2019
- existing home sales 5.35 million versus 5.44 million estimate. The 3 month average is at 5.383M
- Last month 5.46M revised to 5.44M
- supply of homes for resale at 3.7 months versus 3.9 months. Supply remains very low. The low for the year came in at 3.6 months back in February 2019. The high rose 24.4 months in June 2019. This is the lowest November reading on record.
- medium home price rises 5.4% year on year to $271.300 versus $271,000 last month
- average sale price rose to $308,000 versus $307,200 in October. That is up 4% year on year
The existing home sales account for the vast majority of sales. Supply remains a major concern as it hovers toward the low end of all time ranges. The good news is that building permits and housing starts were higher than expectations earlier this week and the NAHB housing market index was at the highest level since 1999.
The US dollar moved to new lows versus the USDJPY and USDCHF. The EURUSD also moved higher but has moved back toward its 200 hour MA at 1.11204 (moved to a high of 1.11267).
