A Few Random Comments on June Existing Home Sales

First, 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 impact is small compared to a new home sale. Also I wouldn't be surprised if the seasonally adjusted pace for existing home sales slows over the next several months - due to limited inventory and higher mortgage rates. Second, in general I'd ignore the median sales......(read more)

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