Existing home sales in the US are expected to have eased in June after rising for three consecutive times, noted Societe Generale in a research report. In the past three months, existing home sales rose a total of 9 percent. In the spring selling season, both condo/co-op sales and single-family sales were up; however, the drop in pending home sales index hints at a decline in re-sales, according to Societe Generale.
The pending home sales index had dropped 3.7 percent on a seasonally adjusted basis in May, leaving it 0.2 percent below its year-ago level. This was the first negative print since August 2014. A print consistent with the projection would leave the six-month average of re-sales at about 5.4 million, which, in spite of the increase in sales this spring, would match the October 2015’s reading, stated Societe Generale.
