Existing Home Sales Slump In June – Weakest Summer Selling Season Since 2011
by Tyler Durden
ZeroHedge.com
Jul 24, 2017
On the heels of homebuilder optimism tumbling to 8-month lows in July, existing home sales slumped in June (down 1.8%, more than the 0.9% decline expected) to the second lowest SAAR this year. Existing home sales are now unchanged since September, but we note that average prices are up 6.5% YoY.
Total existing-home sales , decreased 1.8 percent to a seasonally adjusted annual rate of 5.52 million in June from 5.62 million in May. Despite last month’s decline, June’s sales pace is 0.7 percent above a year ago, but is the second lowest of 2017 (February, 5.47 million).
Since rates surged, exisitng home sales have gone nowhere (but prices have risen)…
The Rest…HERE
