After April’s disappointing drop in all segments of the home-sales data, existing home sales were expected to rebound (again) in May and surprised modestly to the upside.
Existing home sales rose 2.5% MoM to 5.34mm in May (and saw a modest upward revision in April)
However, existing home sales have declined on a YoY basis for 15 straight months…
Finally, we note that the recent drop in existing home sales suggests a lagged response in mortgage purchase applications… even with rates collapsing…
As lower rates have apparently sparked a surge in prices as median home prices to a new record $277,700 – with a 4.8% YoY surge – the biggest spike since Aug 2018.
via ZeroHedge News http://bit.ly/2N1uPWK Tyler Durden