A Few Random Comments on May Existing Home Sales

First, last month housing economist Tom Lawler pointed out the data in the South looked funny, see: The "Curious Case" of Existing Home Sales in the South in April . Sure enough, sales for April were revised up, with all of the upward revision coming in the South. Second, as always, new home sales are more important for jobs and the economy than existing home sales. Since existing sales are existing stock, the only direct contribution to GDP is the broker's commission. There is usually some additional spending with an existing home purchase - new furniture, etc - but overall the economic......(read more)

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