Underwater mortgages

Existing Home Sales Up 3.2% As Prices Soar To Record Highs

NAR's existing home sales really shot up in June with a 3.2% sales increase to 5.49 million annualized existing home sales.  This is an eight and a half year high.  In February 2007 existing home sales were 5.79 million.  This makes sales 9.6% higher than June of last year.  Existing home sales have been above their year previous amounts for six months now.

Existing Home Sales Bubble Up 1.2% from the February Northeast Frozen Tundra

NAR's existing home sales bounced up slightly for February with a 1.2% sales increase.  This is surprising sales increased at all, even with seasonality adjustments, considering America's East was stuck in either a snow bank or an ice cube for the month..  This makes sales 4.7% higher than February of last year.  Sales by volume was 4.88 million in February.

Existing Home Sales Fell Like Snow For January 2015

The bitter cold blew in more than snow for January.  Existing home sales suffered as well with a -4.9% decline in sales for the month.  This is the biggest monthly drop off in nine months with single family homes declining by -5.1% in sales.  Sales by volume are now 4.82 million in January.  April 2014 showed 4.75 million annualized sales.

Existing Home Sales Feed Wall Street's Surge

The existing home sales headlines blare this is the highest increase for 2014.  That is true, yet the increase isn't much of a soar, more of a bounce back from last month's -1.75% decline. The NAR reported existing home sales increased 2.4% from last month and are down -1.7% from last year.  This represents 5.17 million homes at annualized rates.


Don't Blame the Weather For Existing Home Sales -5.1% Drop

The NAR reported existing home sales plunged -5.1% from last month and are down -5.1% from January of last year.  This is the 3rd decline from from year ago.   Existing home sales are now at July 2012 levels.  While many blame the harsh winter on falling sales, in the West where weather has not been a factor, existing home sales declined -7.3% for the month and are down -13.7% for the year.

Existing Home Sales Soaring Highs Deceptive

The NAR reported existing home sales increased 1.0% from last month and are down -0.6% from December of last year.  This is the 2nd decline from from year ago, previously not seen since June 2011.   Existing home sales for the entire 2013 year, on the other hand, hit housing bubble levels not seen since 2006.  For all of 2013, existing home sales increased 9.1% from 2012.

Existing Home Sales Go Negative for the First Time in 29 Months

The NAR reported existing home sales plunged -4.3% from last month and are down -1.2% from last year.  This is the first yearly decline in existing home sales since June 2011, a full 29 months ago.   Unsold Inventory increased 5.0% from last year and represents a 5.1 months supply at current rates .  Volume was an annualized and seasonally adjusted 4.90 million for November 2013.