Wednesday, August 22, 2012

Existing Home Sales Miss Expectations; Prices Rise

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 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  The overall market remains slightly in red with S&P 500 down around one point.

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