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Existing Home Sales: Where is Supply?
December existing home sales slipped 1.0% (Consensus: +1.2%, to 5.10 million; Decision Economics: -1.6) from a prior-month level revised down by 1.0%. Across regions, the South (-3.0% m/m) and Midwest (-5.9%) saw declines in December after stronger increases on a month-on-month basis in November, while Northeast sales (+3.2%) continued to rise in the post-Hurricane period. The West (+5.1%) also saw a healthy gain.