US Existing Home Sales Higher Than Expected

The US Existing Home Sales were higher than expected at 4.74 M annualized sales pace.  In addition, the month supply went down to 9.3 months. This is the lowest level since June of 2007 and may indicate that the combination of lower prices and lower rates are beginning to have an effect on purchases and supply.  It did come at the expense of lower prices.   The Median Sales price fell to $175,400, down from $180.300 last month.

Overall, although prices are down, it is good to see supply is starting to be absorbed.  If the annualized sales pace can increase, while building remains low, the supply can start to be absorbed faster and the market can stabilize.  Although only one report, this is the first bright spot for housing in a long while.

Subscribe by RSS Subscribe by Email