US existing home sales eased in May
The National Association of Realtors announced today that US existing home sales fell 1.5% at 4.55 mln in May down from 4.56 on the last reading, compared to economists’ forecast of 4.62 mln.
The recent decline in existing home sales is due to a drop in lower priced homes (under $100,000), suggesting that the fragile real estate recovery is unlikely to sustain.
Data also showed on Thursday that Philly Fed business index fell much more than expected to -16.6 in June versus consensus for a flat figure, compared to -5.8 the previous month.
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