Some ugly numbers in the form of existing US home sales for June. Rather than rising from 5.18m to 5.26m, they've dropped to 5.08m. And last month's 5.18m figure has been revised down to 5.14m.
That puts the monthly change at -1.2 per cent, rather than the 0.5 per cent improvement forecast. Total inventory has risen by 1.9 per cent to 2.19m.
Demand still seems strong, as typical house prices have risen 13.5 per cent from a year ago to $214,000 (£140,000).
US Existing Home sales miss, and downward revision to May #taperoff— Mike van Dulken (@Accendo_Mike) July 22, 2013