A Few Random Comments on August Existing Home Sales

I've been expecting that the seasonally adjusted pace for existing home sales would slow due to limited inventory and higher prices.   Maybe this is the beginning of that slowdown. However, it is important to remember that  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.......(read more)

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