A Few Comments on July Existing Home Sales

Earlier: NAR: "Existing-Home Sales Slide 1.3 Percent in July" First, as usual, housing economist Tom Lawler's estimate was much closer to the NAR report than the consensus.    So the decline in sales in July was no surprise for CR readers. Inventory is still very low and falling year-over-year (down 9.0% year-over-year in July). Inventory has declined year-over-year for 26 consecutive months.  I started the year expecting inventory would be increasing year-over-year by the end of 2017. That now seems unlikely. Inventory is a key metric to watch.  More......(read more)

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