June’s Existing Home Sales Start Week off on Weak Note

Jul 24, 2017

June’s Existing Home Sales Start Week off on Weak Note:  Existing Home Sales for the month of June disappointed expectations, falling 1.8% MoM versus expectations of a 0.9% decline.  Single family sales dropped 2.0% while multi-family sales were flat.  The weakest region was the South, dropping 4.7%  while sales in the Midwest rose 3.1%.  On a year-over-year basis, existing home sales are now up just 0.7%.  The inventory of homes for sale fell 10k although the months’ supply rose from 4.2 to 4.3 months (based on a slower rate of sales).  The median sales prices of homes sold rose from $252,500 to $263,800 (not seasonally adjusted) bringing the YoY rate of price gains to 6.5%.  The housing data continues to perplex economists with very choppy data and frequently disappointing reports – despite lowered expectations.