Existing Home Sales Rise At Fastest Rate In Over 2 Years
On the heels of tumbling mortgage rates, existing home sales jumped 1.3% MoM in August (notably better than the expected 0.7% drop) pushing the annual rise to +2.6% - the biggest rise in sales since May 2017.
This is the highest level of existing home sales SAAR since March 2018.
And all this as the median home price rose 4.7% from last year to $278,200 as multi-family units led the rise in sales (+1.7% MoM) vs +1.2% MoM for single-family homes.
The question is - how sustainable is this improvement given the carnage in bond markets in September?
Tyler Durden Thu, 09/19/2019 - 10:08