» Ex. home sales: May declines slightly, but tr… Decision Economics

Ex. home sales: May declines slightly, but tr…

Posted June 21, 2012 by Editor

[private]DE assessment: Existing home sales disappointed slightly, falling 1.5% to 4.55M in May from an unrevised April. DE had been looking for a small 0.7% increase, while the consensus had looked for a 1.3% drop. There were no wild moves in the regional breakdown. While May declined, the trend continues to rise. In the past year, existing home sales have risen 8.4% on a 12-month moving average. As a result, the months supply of existing homes has fallen from 9.1 months to 6.6 months currently. The May figure is only modestly higher than the 6.0 month cyclical low in January and very close to the 13-year historical average of 6.5 months[/private]