US existing home sales preview - Nomura

Analysts at Nomura offered a preview for the next key US data event.

Key Quotes:

"Existing home sales: Home sales increased by 2.0% m-o-m to an annualized 5600k in October. However, existing home sales may have slowed in November considering incoming data.

The latest pending home sales data, which tend to lead existing home sales, increased only marginally by 0.1% in October.

Although mortgage loan application for home purchases improved in November, this may not be enough to translate into strong home sales.

Therefore, we forecast a 0.9% decline in existing home sales to an annualized rate of 5550k in November (Consensus: -1.8% to an annualized 5500k)."