After May's surprise rebound, existing home sales were expected to slow in June and dropped more than expected (falling 1.7% MoM against expectations of a modest 0.4%) to 5.27mm SAAR.
“Sales refuse to break out higher,” Lawrence Yun, NAR’s chief economist, said at a briefing in Washington.
“It doesn’t make economic sense” with job creation, rising wages and the stock market reaching records.
This is the 16th month of annual declines in existing home sales...
Home purchases declined in the South, the biggest region, to the slowest rate since January. Sales fell to a three-month low in the West. They increased in the Midwest and Northeast.
While rates have tumbled - helping affordability - the median home price rose 4.3% from last year to $285,700, erasing that affordability edge.