October US home sales data
- Prior was 6.29m
- +0.8% m/m vs +7.0% prior
- Supply at 2.4 months vs 2.4 months prior
- Median price $353,900 vs $352,800 prior
- Median prices +13.1% vs +13.3% y/y prior
The housing market remains hot. We highlighted the case for an upside surprise in this data point ahead of time.
It's not a big market mover but there's a consensus out there that US housing is going to flatten out, if not reverse. I don't think it will. I believe we're in the early innings of a multi-year bull market is US residential real estate that will keep consumers flush and commodity prices high.
