Analysts at Nomura expect a 1.6% m-o-m decline in US existing home sales to 5.26mn saar in September from 5.34mn saar in August.
Key Quotes
“Pending home sales, which tend to lead existing home sales, slowed in August and July and pose downside risk to September existing home sales. Slowing existing home sales suggest waning demand as affordability continues to deteriorate. Moreover, higher mortgage rates will likely continue to constrain supply via mortgage rate lock-in despite rising prices. We think real residential investment will remain a weak spot in the strong overall economy.”
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