US: Existing home sales likely to surge by 0.1% in June - Nomura

Analysts at Nomura are forecasting a 0.1% m-o-m increase in US existing home sales to 5435k saar in June from 5430k in May.

Key Quotes

“Pending home sales were weak in May and April. In addition, structural factors such as rising mortgage rates and shortage of units for sales likely prevailed. Thus, we expect only a modest improvement in existing single-family home sales in June. In addition, volatile existing condo and co-op sales rose 1.6% m-o-m in May. This increase may have reverted in June, lowering total sales.”