Home Sales Rose 0.8% MoM In October As Investors Rushed Into The Market (Inventory Remains Thin, Median Price +13.1% YoY)

Fools rush in … or at least investors rush into the US housing market. Investors made up 17% of existing home purchases in October.

Inventory of homes remains depressed and with investors picking up 17% of homes for sale, the median price of existing homes rose to 13.1% YoY.

While existing home sales rose 0.8% MoM, they fell -5.79% on a YoY basis as M2 Money slowed.

It is lonesome town for inventory. But it will be a poor little fool for those buying into this thin inventory market if home prices correct.

President Biden has decided to nominate Fed Chair Jerome Powell for a second term in an effort not to rock the boat. Lael Brainard is nominated for Deputy Chair.

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