US: Existing home sales are expected to cool - TDS

Research Team at TDS, suggests that housing will be the overarching focus of today’s data calendar as existing home sales are the highlight and are expected to cool after reaching a cycle-high of 5.57m units (annualized) in June.

Key Quotes

“TD looks for the pace of home sales to fall to 5.44m in July, a steeper decline than the 5.51m consensus forecast.

Rounding out the calendar are the FHFA Home Price Index (June) and Home Price Purchase Index (Q2). TD expects the FHFA HPI to increase by 0.2% m/m, less than the 0.3% m/m projected by the market; no forecasts are available for the quarterly purchase price index.”