Prior month 5.56M vs 5.57M

The US existing home sales came in weaker than expected at 5.38M vs 5.60M expected. The MoM change was -3.2% vs 0.5% expected. A weak start to 2018.

  • supply of homes for resale at 3.4 months versus 3.2 months
  • December home resales revised to 5.56 million from 5.57
  • median price $240,500 vs $246,500 last month. +5.8% YoY
  • average price $282,100 vs $288,300 last month, +4.7% YoY
  • 1st time buyers 29% versus 33% a year ago. 1st time buyers are being squeezed out by higher prices and now higher mortgage rates.
  • Days on the market is 42 days up from 40 days last month but down from 50 days a year ago

The sharp fall is a bit worrisome but supply remains a problem and the sales pace still remains more toward the highs. There is little reaction to the data.