Analysts at Nomura are forecasting a modest increase in the US July existing home sales despite ongoing structural impediments in the market for existing homes.
Key Quotes
“Overall, we expect existing home sales to increase 0.6% m-o-m in July to an annualized pace of 5.41mn after two consecutive months of declines. Pending home sales, which tend to lead existing sales, increased steadily by 0.9% m-o-m in June after a 0.5% decline in May.”
“However, given ongoing challenges in the market for existing homes, including supply shortages and rising mortgage rates, the expected increase in July could prove transitory.”
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