Another month, another plunge in housing.
Hot on the heels of the latest catastrophic homebuilder sentiment print and plunging single-family starts and permits, analysts expected existing home sales to accelerate their recent decline with a 4.9% MoM drop in Julye. They were right in direction but severely wrong in magnitude as existing home sales tumbled tumbled 5.9% MoM in June.
That is the 6h straight month of existing home sales declines – the longest stretch since 2013 – pulling home sales down a stunning 20.2% YoY. From the NAR
“The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,” said NAR Chief Economist Lawrence Yun.
“Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers.”
The collapsing housing market means the SAAR is now below the full year pace of 2012 – one decade ago.
Hasn’t reached Delaware yet house prices still top dollar.
THANK your Democrat Party !!!!
Whole damn country Collapsing !!!! Thank BIDEN
Sleepy Joe, how do you take all those peaceful naps after what you have done to OUR country. You apparently have no conscience.