US September existing home sales data:
- Prior was 5.49m (revised to 5.50m)
- Sales -2.2% vs -0.7% exp
- Prior +1.3% (revised to +1.5%)
- Inventory 1.83m or 4.1 months
- Median prices $272,100, up 5.9% y/y (largest since Jan 2018)
The US housing market isn't sizzling but it's solid, as the price increase shows. This chart has moved in the opposite direction of interest rates. You can see the sharp drop at this time last year as the Fed hiked and the recovery as they shifted to neutral, then dovish.
