Existing Home Sales fell for the fourth straight month in July. The National Association of REALTORS reported that Existing Home Sales decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June. This was their slowest pace in more than two years.
Existing Home Sales are 1.5 percent lower than July 2017, and they have declined on an annual basis for five straight months. Unsold inventory is at a 4.3-month supply, well below the 6-month supply seen as normal.
The minutes from the Fed's July 31-August 1 Federal Open Market Committee meeting will be released today. It will be important to hear the Fed's take on inflation and wage growth, since soft inflation and smaller wage growth has been keeping the Fed from hiking its benchmark Fed Funds Rate more aggressively.
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