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U.S. existing home sales fell 1.7 percent month on month to a 5.35 million unit rate in August. Below the expectations of 0.2 percent growth to 5.45 million.
The decline was led by a 5.7 percent drop in the South, which may be related to Hurricane Harvey, according to Jim O’Sullivan, chief U.S. economist at High Frequency Economics.
According to the report, “Some of the South region’s decline in closings can be attributed to the devastation Hurricane Harvey caused to the greater Houston area.”In short, fairly weak, although the data are volatile. Through the volatility, the trend looks close to flat recently. New home sales have been showing more strength, on average. National Association of Realtors’ officials continue to cite low inventories as a factor restraining existing home sales, and their point looks valid. The inventory of homes for sale equated to 4.2 months’ supply in Aug, unchanged from Jul and historically low.
