After June's dismal US housing data, hope was high for a rebound in July but it was crushed as existing home sales tumbled 0.7% MoM(against expectations of a 0.4% jump). This is the longest streak of declines since the taper tantrum in 2013.
Single-family home sales fell 0.2% MoM (-1.2% YoY) to annual rate of 4.75 million
Purchases of condominium and co-op units dropped 4.8% MoM (-3.3% YoY) to a 590,000 pace
As lower-priced home sales collapsed...
This is the weakest SAAR existing home sales (5.34mm) since Feb 2016...
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
MAGA.
its a reset and the markets need to do the same thing!
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