Existing Home Sales: Take the Under Tomorrow

I mentioned this over the weekend. The NAR will report November Existing Home Sales on Tuesday, December 22nd at 10:00 AM. The consensus, according to Bloomberg, is that the NAR will report sales of 5.32 million. Housing economist Tom Lawler estimates the NAR will report sales of 4.97 million on a seasonally adjusted annual rate (SAAR) basis, down from 5.36 million SAAR in October. Based on Lawler's estimate, I expect a miss tomorrow. Note:  Lawler is not always right on, but he is usually pretty close.  See this post for a review of Lawler's track record....(read more)

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