US existing home sales probably rose modestly last month

The preliminary canvass of available Multiple Listing Service data, along with lagged pending home sales figures, suggest that the number of existing dwellings closed on rose by 1.3% to a seasonally adjusted annual rate of 5.38 million in September.

This was reversing one quarter of the 4.8% contraction recorded in August. 

"With the number of homes on the market expected to contract by 4.1% to 2.2 million during the reference period, stock of unsold dwellings likely moved three ticks lower to 4.9 months' supply", says Societe Generale.