US August existing home sales 3.86m vs 3.90m expected

• Prior was 3.95m (revised to 3.96m)
• Sales -2.5% vs +1.3% prior
• Sales -4.2% vs -2.5% y/y prior
• Inventory 4.2 vs 4.0 months prior
• Median prices $416,700 vs $422,600 prior
• Prices +3.1% vs +4.2% y/y prior

These are closings for contracts signed in June and July. This is a two-tier market with high-end homes (above $700K) selling and everything below $500K sitting.

This article was written by Adam Button at www.forexlive.com.