Comments on May Existing Home Sales

Earlier: NAR: Existing-Home Sales Decreased to 3.91 million in May, Rebound Expected in Coming Months A few key points: 1) Existing home sales are counted at the close of escrow, so this report is mostly for contracts signed in March and April - when the economy was mostly shutdown. Sales NSA for May were below the housing bust low for May.   However, there has been a rebound in mortgage purchase applications and regional pending home sales, so we can expect a rebound in existing home sales in June or July. 2) Inventory is very low, and was down 18.8% year-over-year (YoY) in May.......(read more)

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