BREAKING: Lower-than-expected US home sales, Richmond Fed slightly improved

• Home sales in the USA: 4.07 million vs. 4.15 million forecasted and 4.16 million previously
• Home sales year-on-year: -2.2% compared to -$0.24 forecasted and -3.3% previously
• Richmond Fed: -7 compared to -10 forecasted and -9 previously

U.S. existing home sales in July hit a six-month low due to homeowners holding onto properties because of high new mortgage costs. Despite the limited inventory driving up prices for the first time since January, sales declined by 2.2% to 4.07 million units, the lowest since January. This figure was slightly below economists forecast of 4.15 million units.

Manufacturing in the US continues to struggle. The Richmond FED anufacturing Index, the next regional indicator points to a negative direction in August.