U.S. existing home sales rose 2.3% m/m to an annualized 4.47 million unit rate in July, which was weaker than the 4.5 million units expected by consensus, but closer to our forecast for 4.45 million units. Existing home sales were up 10.4% over July 2011. Single family sales rose 2.1% m/m to a 3.98 million unit [...]
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Sales volume still low
Housing statistics for June and July 2012 were largely positive, but we still have not seen a real pickup in sales volume for more than five years. The S&P/Case-Shiller sales pair counts, NAR’s existing home sales and the US Census housing starts remain low compared to their pre-recession levels. S&P/Case-Shiller sales pairs are updated the [...]