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Existing Home Sales Rise At Fastest Rate In Over 2 Years

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Existing Home Sales Rise At Fastest Rate In Over 2 Years On the heels of tumbling mortgage rates, existing home sales jumped 1.3% MoM in August (notably better than the expected 0.7% drop) pushing the annual rise to +2.6% - the biggest rise in sales since May 2017. Source: Bloomberg This is the highest level ...

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Existing Home Sales Rise At Fastest Rate In Over 2 Years

On the heels of tumbling mortgage rates, existing home sales jumped 1.3% MoM in August (notably better than the expected 0.7% drop) pushing the annual rise to +2.6% - the biggest rise in sales since May 2017.

Existing Home Sales Rise At Fastest Rate In Over 2 Years

Source: Bloomberg

This is the highest level of existing home sales SAAR since March 2018.

Existing Home Sales Rise At Fastest Rate In Over 2 Years

Source: Bloomberg

And all this as the median home price rose 4.7% from last year to $278,200 as multi-family units led the rise in sales (+1.7% MoM) vs +1.2% MoM for single-family homes.

The question is - how sustainable is this improvement given the carnage in bond markets in September?

Existing Home Sales Rise At Fastest Rate In Over 2 Years

Source: Bloomberg

Tyler Durden Thu, 09/19/2019 - 10:08
Tyler Durden
Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit. Visit his blog: ZeroHedge (http://www.zerohedge.com/)

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