{"id":1428625,"date":"2023-09-21T14:10:54","date_gmt":"2023-09-21T18:10:54","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1428625"},"modified":"2023-09-21T14:10:54","modified_gmt":"2023-09-21T18:10:54","slug":"us-existing-home-sales-suffer-second-weakest-summer-ever","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-existing-home-sales-suffer-second-weakest-summer-ever\/1428625\/","title":{"rendered":"US Existing Home Sales Suffer Second Weakest Summer Ever"},"content":{"rendered":"

US Existing Home Sales Suffer Second Weakest Summer Ever<\/span><\/p>\n

\n

Existing home sales were expected to rise modestly in August (+0.7% MoM) after tumbling 2.2% MoM in July. However, as makes a little more sense in the real world, home sales dropped 0.7% MoM leaving sales down 15.3% YoY…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The total SAAR fell back near its lowest since 2010 (as new home sales trend higher on incentives)…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

And on a seasonal basis, this is the second weakest sales print ever (only 2010 was worse)…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

It appears that high-end home sales are cracking in the West And Northeast…<\/p>\n

<\/a><\/p>\n

The number of\u00a0homes for sale\u00a0edged lower to 1.1 million, the smallest August inventory in data back to 1999.<\/strong> At the\u00a0current sales pace, it would take 3.3 months to sell all the properties on the market. Realtors see anything below five months of supply as indicative of a tight market.<\/p>\n

The\u00a0median selling price\u00a0rose 3.9% from a year earlier to $407,100, one of the highest readings on record. Since August 2019, prices are up 46%, according to\u00a0Lawrence Yun, NAR\u2019s chief economist.<\/p>\n

<\/a><\/p>\n

\u201cSupply needs to essentially double to moderate home price gains,\u201d <\/strong><\/em>Lawrence Yun, NAR\u2019s chief economist said in a statement.<\/p>\n

\u201cMortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run.\u201d<\/strong><\/em><\/p>\n

And, if mortgage rates (and thus affordability) are anything to go by, things are about to get real…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

…which appears to be what Powell is looking for.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 09\/21\/2023 – 10:10<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/us-existing-home-sales-suffer-second-weakest-summer-ever<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

US Existing Home Sales Suffer Second Weakest Summer Ever Existing home sales were expected to rise modestly in August (+0.7% MoM) after tumbling 2.2% MoM…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1428625","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1428625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1428625"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1428625\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1428625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1428625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1428625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}