And no, that was not a seasonal effect. Existing home sales declined 6.4% MoM in December, the largest decline since November 2015.
And on a YoY basis, existing home sales plunge 10.25%.
US existing homes are very expensive compared to household income and the surge in mortgage rates during 2018 made housing ever less affordable.
The median price for existing home sales shows a seasonal pattern with June typically being the highest for the calendar year and January being the lowest.