Analysts at TD Securities note that the US existing home sales surprised to the downside in September, posting a larger 2.2% decline after an upward-revised 1.5% gain in August and a solid 2.5% increase in July.
Key Quotes
“The drop was largely driven by a 2.6% decline in the single-family segment, while condos were up 1.7% m/m for a second consecutive month. Despite the September retreat, existing home sales remain at firm levels (similar to 2016-17) and also maintain the recovery from the mid-2018 to Jan-2019 slowdown in the series.”
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