This is a syndicated repost courtesy of Online Course Notes For Financial Markets and Banking. To view original, click here. Reposted with permission.
According to the National Association of Realtors, existing home sales for June declined for the third straight month.
What is unusual is that it is April, May and June. The year 2013 saw six straight months of declining home sales, but that was August 2013 through February 2014 (post peak season). June is typically the peak in a year for existing homes sales and median price.
Liquidity moves markets!Click here to learn how you can follow the money.
At least existing home sales INVENTORY is slightly higher than in June 2017.
Prices are simply unaffordable and inventory remains too low.
With median price YoY almost twice that of hourly earnings.
Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I am a contractor for Money Map Press, publisher of Money Morning, Sure Money, and other information products. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases I receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.