Today’s headlines scream “Existing home sales decline 1.3% MoM in January!!” True, but on a YoY basis, US existing home sales are up 9.64%.
A big reason? The 30-year mortgage rate plunged faster than a paralyzed falcon. Mostly due to slow global economy and the Corona-virus fears.
Now look at the median sales of existing homes. It continues to be low helping drive up existing home prices.
Notice that EHS inventory increased with median price during the housing bubble, but after 2012, they went their own ways.
I hope the housing market remains Corona-virus-proof!