US Existing Home Sales RISE 9.64% YoY As Mortgage Rates Plunge, Inventory Remains MIA

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.

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Now look at the median sales of existing homes. It continues to be low helping drive up existing home prices.

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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!

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