- Prior was 6.02m (revised to 5.93m)
- Sales change -2.7% vs -7.2% prior
- Inventory 2.0 months vs 1.7 months prior (2.1 months a year ago)
- Median price $375.3K, up 15.0% y/y -- record high
- Prices up 4.5% m/m
There is a tight focus on the US housing market at the moment as mortgage rates surge. The decline in this month's sales was fairly uniform across single family and condos. It's interesting that prices rose but I expect that to moderate with a 30-year fixed mortgage now well above 5%.
The housing numbers will be increasingly market moving in the months ahead. I expect US housing and home building to hold up but there are good arguments on both sides and if you look at home-builder stocks, the market is betting on a big slowdown.
USD is ticking higher at the moment but that's a result of a spill in the Nasdaq .
