Having fallen 2.2 percent from April to May, the pace of existing home sales in the U.S. fell another 5.1 percent to a 5.37 million annual rate in June, up 7.2 percent on a year over year basis versus 2.4 percent the month prior.
∙ As Expected, Another Unexpected Decline For Existing Home Sales [SocketSite]
∙ Purchases of U.S. Existing Homes Fell in June [Bloomberg]
But existing home inventory increases 4.7% year over year. That’s the real stat here — not home sales numbers. You’re not going to make a dent in the housing market until inventory decreases.