Some Nuances in The Existing Home Sales Data
If anything, today's Existing Home Sales data is a bit of a bright spot in an otherwise gloomy housing market. Sure, the annual pace of sales is as low as it has been in a decade (brief stint during 2020 lockdowns notwithstanding), but the pace of declines has leveled off substantially over the past few months. July, August, and September have all been inside a range of 4.71-4.81m sales.
This isn't to say "move along, nothing to see here. Everything's fine." Clearly, this is a massive decline from the peak, and this may only be a pause before continuing lower. But there was no way to avoid a substantial decline, especially in light of the fastest rate spike since the 80s up to levels not seen in at least 20 years.
Moreover, a decline to long-term inventory lows is very diff
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