US home sales are lower than expected, and Richmond Fed slightly

US home sales are lower than expected, and Richmond Fed slightly
  • US Home Sales: 4.07M vs. 4.15M expected and 4.16M previously
  • Home Sales YoY: -2.2% vs. -0.24 $exp and -3.3% prior
  • Richmond Fed: -7 vs. -10 expected and -9 previous

Existing home sales in the United States hit a six-month low in July, as homeowners were reluctant to buy property due to rising new mortgage costs. Although low inventories pushed prices higher for the first time since January, sales fell 2.2% to 4.07 million units, the lowest level since January. The figure was slightly lower than economists’ forecast of 4.15 million units.

The US manufacturing sector continues to suffer. The Richmond Fed manufacturing index, the next regional indicator, is pointing negatively in August.

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