Daily Market Update 8/24/17

Rates were little changed Thursday following the release of weaker than expected real estate sales data.  This morning, the National Association of Realtors reported July Existing Home Sales fell 1.3% to 5.44 million annual units, the lowest level of the year, well below the consensus forecast for an increase of 0.9%.  Historically tight inventory of homes listed for sale was cited as the main culprit.  Housing inventory has declined for 26 consecutive months on a year-over-year basis.  The median home price nationally was $258,300, up 6.2% from last July.  Average days on market slid to 30, down from 36 one year ago.  Separately, weekly Jobless Claims rose to 234,000, a bit below expectations.  No other key data will be released today.

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