US existing home sales for September 4.71M vs 4.70M estimate

The US existing home sales for September comes in as expected

• Existing home sales 4.71M vs 4.7M estimate. The number took the level below the June 2020 level of 4.72M.
• Prior month 4.8M revised to 4.78M
• inventory 1.25 million or 3.2 month supply (unchanged from prior month). A balance market between buyers and sellers is considered to be near 6 months.
• Median home sale price came in at $384,800. That's -8.4% from September 2021

Although inventories are lower, the high prices and high mortgage rates are creating a stagnant market. The 30 year mortgage rate 7.22% yesterday which is the highest level in this cycle and well above the sub 3% levels that existed last year.

/Inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term