Existing Home Sales: 2nd Month of Rebounds; Trend Still Mixed
November 21, 2017
Bottom Line: Existing home sales rose for the second straight month after a quarter of declines. The report noted a continued rebound in sales in Texas and Florida and suggested it will take a few more months to full bounce back to pre-storm levels. Home re-sales have averaged 5.40 million over the past 3 months versus 5.46 million over the past 6 months, suggesting there has been modest deceleration. Inventories fell sharply and are now 10+% below last year's levels, declining on a year-over-year basis for the 29th straight month. Price gains remained around the 5.5% year-on-year rate.
Existing Home Sales ROSE by 2.0% in October to 5.48 million, compared with market expectations for an increase to 5.40 million. The prior month was revised down from 5.39 to 5.37 million.
Home re-sales are now 0.9% BELOW their year ago level and are 24.4% BELOW their September 2005 record high.
- 42.1% of single family homes sold were priced in between 100k to 250k and 33.8% of single family homes sold were priced in between 250k to 500k.
- Single family home sales are up 1.2% year-over-year for prices in between 100k to 250k and are up 11.5% for prices in between 250k to 500k.
Article by
Contingent Macro Advisors