Today's new home sales numbers did nothing to take the sting out of yesterday's massive existing home sales miss, showing further weakening in home sales overall.
Bill McBride of Calculated Risk points out the "distressing gap" between between exiting home sales and new home sales. Notably, most of the buying on the market has been of distressed properties and, according to Calculated Risk, this is what is allowing existing homes to remained above the less flexibly priced new homes.
Too many damn homes. As this chart from Calculated Risk -- based on today's latest existing home sales number -- makes clear, the number of houses on the market (as measured by months to work through them) is totally going in the wr... Read Post
Today's existing home sales number was a little weaker than expected. But have no fear, the housing comeback train continues. Calculated Risk shows the number of months worth of existing home supply (red line). And that number conti... Read Post
This morning's existing home sales number showed that sales surged in October by a surprising 10.1%. But new home sales continue to remain quite weak. Today's chart, showing the "distressing" gap between the two measures, comes cour... Read Post