Who Left The Fridge Open? U.S. Home Sales Fall 8.5%. Price Inflation Declines To 2.8%

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The housing market is cooling, both in terms of existing home sales YoY and median price YoY.

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(Bloomberg) — Sales of previously owned U.S. homes fell to the weakest pace since November 2015, indicating that the housing market remained in a slowdown despite a drop in mortgage rates.

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Contract closings decreased 1.2 percent in January from the prior month to an annual rate of 4.94 million, the National Association of Realtors said Thursday, below economists’ estimates for 5 million. The median sales price rose 2.8 percent from a year ago, the smallest increase since February 2012.

Do I detect a trend in median prices YoY for existing home sales?

medianpriceehsyoy

Existing home sales YoY dropped 8.50% in January, continuing the cooling trend that started in 2017.

ehsyoy

Who left the fridge open?  

 

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