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existing home sales
Economic Indicators
Sep 21, 2023
Bottom Line: Existing home sales fell again in August, countering expectations for a small rebound. The medium-term trend in sales was lower again, even before much of the recent increase in mortgage rates. The long-term trend was firmly to the...
Aug 22, 2023
Bottom Line: Existing home sales fell slightly more than expected in July after 30-year fixed-rate mortgages surged above 7% again. Sales had been turning modestly higher amid solid underlying demand, despite lower affordability due to higher mortgage rates. But with...
Jul 20, 2023
Bottom Line: Existing home sales fell slightly more than expected in June after 30-year fixed-rate mortgages surged towards 7% in late May. Still, we continue to see signs of stabilization with solid underlying demand despite lower affordability. Inventories of existing...
Jun 22, 2023
Bottom Line: Existing home sales rose slightly in May, countering expectations for a modest further decline. Sales continue to offer the potential for a bottom off the lows since January. That said, single-family sales were slightly lower in May. Inventories...
May 18, 2023
Bottom Line: Existing home sales slid mostly as expected in April, with slight negative revisions to prior data. Inventories rose slightly but remained historically very low at just 2.90 months of supply (sales/inventories), above the average of the last three...
Apr 20, 2023
Bottom Line: Existing home sales fell more than expected in March after rebounding in February from decade-plus lows in January. Supply conditions remain very tight, with months' supply (sales/inventory) holding at just 2.6 months. Supply remains very tight, with homeowners...
Mar 21, 2023
Bottom Line: Existing home sales rebounded in February after hitting decade-plus lows in January. While the rebound was statistically significant and much sharper than expected, it is still too early to call a turn in the trend. Moreover, seasonal adjustments...
Feb 21, 2023
Bottom Line: Existing home sales fell further to start 2023, countering expectations for a slight increase. On the plus side, the pace of the slowdown has started to lose downward momentum on a trend basis. The price of the average...
Jan 20, 2023
Bottom Line: Existing home sales fell further in the final month of 2022, but the declines were modestly less than expected. Sales in the 4th Quarter were nearly a million annualized units below the 12-month average, and 2022's average (5.1...
Nov 18, 2022
Bottom Line: Existing home sales were lower in October as higher mortgage rates continued to hamper affordability. While still up 6.6% year-on-year, median prices fell for the fourth month and were dropping at an annualized rate of nearly 19% over...
Oct 20, 2022
Bottom Line: Existing home sales were slower in September, mostly as expected and trending steadily lower. Median home prices fell as activity slowed. While still up 8.4% year-on-year, median prices were down over 3.5% from July until September. Despite the...
Sep 21, 2022
Bottom Line: Existing home sales were nearly unchanged in August, beating expectations for a moderate decline. But the trend remained to the downside with median prices edging lower. Inventory levels remained historically lean but were slowly trending higher with months'...
Aug 18, 2022
Bottom Line: Existing home sales fell even more than expected in July, as the median transaction price declined over 2% on the month. In the wake of higher mortgage rates, home sales proved initially resilient but have fallen exceptionally quickly...
Jul 20, 2022
Bottom Line: Existing home sales fell even more than expected in June, closing a Quarter of three straight monthly declines. While the housing activity slowdown was expected given the Fed rate hikes priced into markets, home sales proved initially resilient...
May 19, 2022
Bottom Line: Existing home sales fell a touch more than expected in April as mortgage rates rose and home prices continued to edge higher. While historically still low, inventories rose again and stood at 2.2 months of sales. Average and...
Nov 16, 2022
Following yet another interest rate hike, economists are predicting that the housing market will not only continue to slow, but will hit a major downturn in 2023. We discuss how CFIs can pivot and demonstrate their value to potential borrowers, when it occurs.