Having fallen for four straight months, analysts expected a modest 1.7% MoM rebound in June's existing home sales (despite tumbling mortgage apps and crashing homebuyer sentiment?). They were right but the print disappointed, rising just 1.4% MoM, and notably weaker than that given the downward revision in May to -1.2% MoM from -0.9% MoM
The relative shift leaves existing home sales unchanged from April...
Notably, "investors" made up a far bigger chunk of buyers than last month (14% vs 9% in May).
Median home price rose 23.4% from last year to $363,300, an all-time high...
“At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year,” Lawrence Yun, NAR’s chief economist, said in a statement.
Supply in June rose very marginally from 2.5 months to 2.6 months.
Finally, we note that while housing data has been serially disappointing for months, homebuilder stocks have soared...
Of course, while homebuilder sentiment slipped to an 11-month low, it remains in a vapid reality of its own relative to their customers...
But, hey, start talking about talking about tapering Jay!