February existing home sales confirm prices have declined, but bottom in sales and construction may be in
– by New Deal democrat
There were only two noteworthy takeaways from the February existing home sales report:
(1) like mortgage applications, permits, and starts, existing home sales responded to lower mortgage rates (a decline from just over 7% to just above 6% between last October and January):
(2) As usual, price changes lag sales; for the first time since the pandemic, the median house price actually declined -0.2% YoY from $363,700 to $363,000 (remember: this data is not seasonally adjusted):
This simply confirms the data we have gotten from the more important new home construction data. I do think there is some good news
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