US October existing home sales likely to slip modestly

US existing home sales or home resales is expected to modestly slid from previous recording of 5.55M for the month of September. Market expects US October's home resales to stand at 5.39M.

"The falloff in pending homes sales recorded over the August-September span, combined with our own sampling of available state and local Multiple Listing Service figures, suggests that closings on existing dwellings fell by 4.5% to a seasonally adjusted annual rate of 5.3 million in October, erasing all but a fraction of the prior period's gain", says Societe Generale in a research note. 

The number for dwellings on is likely to contract by 3.1% to 2.14 million during the reference period, the homes unsold stock might have remained at 4.8 months' supply.