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19.12.25 - 16:48
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Year-Over-Year Existing Home Sales Disappoint In November, Decline Most In 6 Months (ZeroHedge)
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Year-Over-Year Existing Home Sales Disappoint In November, Decline Most In 6 Months
With mortgage rates tumbling, housing market participants have been disappointed by the lack of enthusiasm by homebuyers to apply for mortgages (though there was a decent bounce in refi activity)...
This morning's existing home sales data (admittedly for November) will give us a further glimpse into the reality oh home-buying vs home-selling as the gap between current mortgage rates and the average existing mortgage rates is narrowing (but remains vast)...
But, analysts (rightfully, given the slide in mortgage rates) expected the recent trend of existing home sales growth to continue in November and it did... but only a mere +0.5% MoM (vs +1.2% MoM exp). October was revised up to +1.5% from +1.2%. More problematically, the disappointment pulled existing home sales down 1% YoY (the first negative print since May)...
Source: Bloomberg
Meantime, the median sales price increased 1.2% from a year ago to $409,200. T...
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