Existing Home Sales Disappoint In June As Prices Hit Record HighsZeroHedge News

Existing Home Sales Disappoint In June As Prices Hit Record Highs

Having fallen for four straight months, analysts expected a modest 1.7% MoM rebound in June’s existing home sales (despite tumbling mortgage apps and crashing homebuyer sentiment?). They were right but the print disappointed, rising just 1.4% MoM, and notably weaker than that given the downward revision in May to -1.2% MoM from -0.9% MoM

Source: Bloomberg

The relative shift leaves existing home sales unchanged from April…

Source: Bloomberg

Notably, “investors” made up a far bigger chunk of buyers than last month (14% vs 9% in May).

Median home price rose 23.4% from last year to $363,300, an all-time high

Source: Bloomberg

“At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year,” Lawrence Yun, NAR’s chief economist, said in a statement.

Supply in June rose very marginally from 2.5 months to 2.6 months.

Finally, we note that while housing data has been serially disappointing for months, homebuilder stocks have soared…

Source: Bloomberg

Of course, while homebuilder sentiment slipped to an 11-month low, it remains in a vapid reality of its own relative to their customers…

Source: Bloomberg

But, hey, start talking about talking about tapering Jay!

Tyler Durden
Thu, 07/22/2021 – 10:06Read More

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