US October existing home sales 6.34m vs 6.18m expected

October US home sales data

US existing home sales
  • Prior was 6.29m
  • +0.8% m/m vs +7.0% prior
  • Supply at 2.4 months vs 2.4 months prior
  • Median price $353,900 vs $352,800 prior
  • Median prices +13.1% vs +13.3% y/y prior
The housing market remains hot. We highlighted the case for an upside surprise in this data point ahead of time.

It’s not a big market mover but there’s a consensus out there that US housing is going to flatten out, if not reverse. I don’t think it will. I believe we’re in the early innings of a multi-year bull market is US residential real estate that will keep consumers flush and commodity prices high.

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