woensdag 21 juni 2017

US Home Prices Surge To Record High As Homebuilder Hope-Reality Gap Largest Ever

Following April's declines across the home sales data (as well as a dip in homebuilder optimism), existing home sales in May surprised positively (up 1.1% versus -0.4% exp) and follows a small upward revision to April's drop.
# First-time buyers accounted for 33 percent of all sales in May, down from 34 percent in the prior month...


Inventory of available properties fell 8.4% from May 2016 to 1.96m, the 24th straight year-over-year decline...


Growth in home sales year-over-year has slowed...


The median existing-home price for all housing types in May was $252,800. This surpasses last June ($247,600) as the new peak median sales price, is up 5.8 percent from May 2016 ($238,900) and marks the 63rd straight month of year-over-year gains...


Of course, homebuilders remain blissfuly ignorant of the actual state of the housing 'recovery', with the biggest gap between hope and home sales ever...


And as the real estate market's data collapses, optimism remains...


“It is a very fast-moving market, meaning that homes placed on the market are being picked up very fast by buyers,” Lawrence Yun, NAR’s chief economist, said at a press briefing in Washington. “We have job creation, yet home creation is not breaking out. There’s sizable pent-up demand”....

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