US Existing Home Sales Plunge -19.87% In August As Fed Tightens Monetary Noose (US Existing Home Sales Sink For 7th Straight Month)

Well, The Federal Reserve is doing what they wanted … crushing the housing market as they fight inflation.

Today we get our first glimpse of the carnage in the housing market from August. With mortgage rates having soared and homebuilder sentiment tumbling (and permits plunging), it should be no surprise that existing home sales were expected to fall for the 7th straight month (-2.3% MoM vs -5.9% MoM in July).

Somewhat surprisingly, existing home sales ‘only’ fell 0.4% MoM in August (from a revised 5.7% MoM drop in July), but that is still 7 consecutive drops. This left existing home sales down 19.87% YoY.

Look at existing home sales YoY as M2 Money Yoy crashes.

Median prices YoY for existing home sales plunged to 7.63% while inventory for sale (yellow line) remains depressed.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.