While existing home sales rose 0.8% (beating the 0.5% expectation) MoM in November, once again previous data was revised lower. On an unadjusted basis however, YoY home sales rose at only 1.7% - missing expectations of 2.6% growth. The Midwest region saw existing home sales drop again - for the 6th month in a row, down over 5% in that period.
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As NAR's Larry Yun explains...
“The consistent economic growth and steady hiring we’ve seen in the second half of this year is giving buyers enough assurance to consider purchasing a home before year’s end,” NAR chief economist Lawrence Yun said in a statement.
“With rents now rising at a seven-year high, historically low rates and moderating price growth are likely to entice more buyers.”
Which is all very odd given yesterday's conference board consumer confidence saw "plans to purcahse a home" dropped once again...
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Charts: Bloomberg
