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.

Source: Bloomberg

This is the highest level of existing home sales SAAR since March 2018.

Source: Bloomberg

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?

Source: Bloomberg