July annualized existing home sales came in below
expectations; 4.47MM versus the 4.51MM consensus. However, XHB is up nearly 2% in reaction to
the 9%+ Y/Y increase in prices. XHB is
still below the 52-week high of 23.44 that it hit last week. We cannot provide additional detail as the
realtor.org website appears to be down.
This could be due to the fact that the existing home sales data was
leaked approx. 30 minutes before its scheduled release. We may provide more information regarding
existing home sales once we can access realtor.org. The overall market remains slightly in red
with S&P 500 down around one point.
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