Existing-home sales courtesy of the National Association of Realtors via the St. Louis Fed
The National Association of Realtors® NAR® reports Existing-Home Sales Decreased 4.1% in October.Key Details
Existing-Home Sales Percent Change From Month Ago
Existing home sales are down 19 of the last 22 months.Existing Home Sales Since 1969 Chart courtesy of Trading Economics, annotations by Mish.
Existing home sales have crashed to Great Recession levels. They are now back to sales numbers seen in the late 1970s.Existing-Home Sales Percent Change From Year AgoI created a new chart this month to show how misleading year-over-year numbers can be.
In January of 2023, year-over-year sales were down 36.91 percent year-over-year. Now they are down “only” 14.64 percent.It’s the lead chart with actual numbers that shows what’s really going on.How the Fed Destroyed the Housing Market and Created Inflation in PicturesFor discussion of this dual-track housing bubble with rising prices despite a transaction crash, please see How the Fed Destroyed the Housing Market and Created Inflation in PicturesMore By This Author:Argentina’s New President Wants to Adopt the U.S. Dollar, How Would That Work?Question Of The Day: Why Does The Fed Value Its Gold At $35 Per Ounce? Falling Rent Is Extremely Rare, Yet Economists Keep Expecting That