Financial and Economic News and Comments

US & Canada

•US existing home sales in July jumped a more-than-expected 7.2% m/m, the largest month-on-month percentage gain since records began in 1999, to a seasonally adjusted 5.24 million annual rate, the highest level since August 2007, after a 3.6% m/m increase to 4.89 million in June, figures from the National Association of Realtors showed, indicating the US housing market is stabilizing. July existing home sales advanced 5.0% y/y. Sales rose for both single-family units and condos/co-ops. The median price for an existing home declined to $178,400 in July, down 15.1% y/y. Inventories of existing home sales increased 7.3% at the end of July to 4.09 million available for sale, representing a 9.4-month supply at the current sales pace following June’s 9.4. Regionally, July existing home sales gained 13.4% m/m in the Northeast, 10.9% m/m in the Midwest and 7.1% m/m in the South, while sales in the West declined 1.7% m/m.