While the headlines are all abuzz with existing home sales exceeding expectations, the highest in 3 years, let's point to some more in depth analysis.
Firstly the NAR (National Association of Realtors) report:
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate1 of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.
October sales went up 10.1% from September. Sales are also at 2007 levels. NAR attributed this surge to the expiring first time home buyer tax credit and said expect sales to decline for the rest of 2009, Q1 2010.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate1 of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.
Inventories
Inventories are at their lowest level in 2.5 years.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3.0 percent to a seasonally adjusted annual rate1 of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008.
You'll probably read in most places how existing home sales were "down" again. True, but there is a big "BUT..."
Recent comments