Late-Summer Data for Housing, Consumers
Weak reports on U.S. existing-home sales in August and on July home prices—as well as a decline in a key consumer confidence gauge in September—provided negative jolts to the markets on Sept. 25. Yet the headline figure for the existing-home sales report—and the report's median price component—were actually stronger than we had anticipated, given homebuilder sentiment deterioration in August and the sharp 12% drop in the pending home sales index.
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