There were 4.6 months’ worth of homes available at the current pace of sales in August. The median sales price in August was $284,000, continuing a downward trend. That was the lowest since September 2014 and 5.4% below year-ago levels. That’s a welcome shift for a market starved for inventory at lower prices. As Richard Moody, chief economist for Regions Financial, wrote on Monday morning, “For some time now home sales have been atypically skewed towards the higher end of the price scale, which simply reflected how supply constrained builders were responding to underlying demand and credit conditions. We have, however, questioned how long this would continue, and we may have our answer.”
Euro is currently being traded around 1.1250 handle, Aussie is at 0.7630 level, while Sterling is few points above 1.2970 area.
