US: Existing Home Sales to register a new retreat at -2.2% in March – TDS

Analysts at TD Securities offer a brief preview of the upcoming release of the US Existing Home Sales data, due later during the early North American session this Thursday.

Key quotes:

“The demand side of the housing market is likely to continue offering signs of bottoming in the near term as suggested by nascent indications of improvement from mortgage applications and pending home sales. In the meantime, we look for existing home sales to register a new retreat at -2.2% m/m in March to 4.48mn units from 4.58mn in February (consensus: 4.50mn); however, this decline would not be enough to offset the surprising 14.5% surge in February.”