Existing home sales are in..
The spin doctors are busy spinning, but the numbers really are bittersweet, Existing Home Sales did not drop as expected but stayed on par with last months adjusted numbers. Sales are still very strong. Keep in mind that the EHS numbers are lagging indicators, they reflect market activity of approximately 2 months ago.
However, most interestingly, and this is the data point you will not see in the cheerleader pieces is that the median home price dropped this month.
Yes, home prices have dropped slightly (although I hate median numbers, so take it with a grain of salt).
September 245,000 (~3% drop)
September 212,000 (~3% drop)
So, there you have my spin on the issue. True, we’ve clocked in at the same rapid pace we saw last month, however, we are also noting a 3% drop in home prices over that period. So is the knife falling? I’ll let you make that decision.