-6.4% versus -1.5% expected.
US existing home sales for the month of December tumbled to 4.99M vs 5.24M expected. The MoM decline was -6.4% versus -1.5% expected. This is a 3 year low.
- single-family homes 4.45M vs 4.71M last month
- condos 0.54M vs 0.62M last month
- month supply 3.7 months vs 3.9 months last month. 3 month average is 4.0 months
- medium price $253.6K vs $257.3K last month. YoY +2.9%
- average price $292.8K vs $296.0K last month. YoY 1.6%
- total sales in 2018 came in at 5.34M. That was the weakest pace since 2015.
- The report indicates a residential real estate industry remains in a broad slowdown as a result of elevated property values and lack of affordable listings
- Home price growth is cooling but still outpaces gains in workers pay
Not a good way to end the year.
