Weird, whacky stuff in housing news.
Let’s start with the FHFA’s home price index for May. It fell -0.3% MoM.
Existing home sales rose 20.7% MoM in June after falling -9.7% in May. Nice rebound!
Inventories of existing homes for sale remains low. Median price for existing home sales rose 3.5% MoM in June.
If existing home sales continue their recovery, sweet dreams are made of this.