Early Read on Existing Home Sales in December

From housing economist Tom Lawler: Based on publicly-available state and local realtor/MLS reports from across the country released through today, I predict that US existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.66 million in Decembe r, down 2.6% from November's preliminary pace and up 2.7% from last month's seasonally adjusted pace. Unadjusted sales last month should be down slightly from a year ago, with the "SA/NSA" gap reflecting this year's lower business day count compared to last year's. On the inventory front,......(read more)

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