4.48 M Annualized vs 4.61M expected. Last month 4.60M (revised from 4.59M)
MoM Change:-2.6%
Months supply of homes comes in at 6.3 months. This is sticking around the lowest levels seen since 2006. This suggests a lower supply of homes available on the market as the slower sales pace should have led to an increase in this statistic.
The median price rose 2.5% to $163,800 (from $155,600) as more higher prices homes sold in the current month. On a YoY basis, the price has risen by 2.5%.
The average price also rose to $211,400 from $201,600 last month. YoY the average price has risen by 2%.
West sales fell 7.4%
Northest sales fell 1.7%
South sales fell 1.1%
Midwest sales were unchanged.
Although the report was disappointing from a sales pace, the lower supply and higher prices suggest a tightening in the market for homes. It may be that banks continue to hold supply out of the market to take advantage of potentially higher prices as affordability increases and employment shows some signs of steadying (albeit a very shaky steady).
