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Home Sales and Prices Continued Their Rise and Listing Inventory Continued Decline Last Week

The 30 day moving average of US house sales showed prices and volume continuing to rise in the week ended June 14 in data reported by Dataquick. There were 198,090 sales recorded for the period, versus 194,965 for the period ended June 7, which was 8.2% higher than the year ago period. Median sale prices rose from $188,000 to $189,500 for a gain of 6.8%. That was a slowing from the previous week, when the year over year gain was 7.4%, but it still represents an acceleration from the May 17 figure, which was 4.3%.

Source: DQNews – California Home Sale Price Medians by County and City. Using the most current 30/31 days for each county. Covers 98 of the Top 100 US MSAs (excludes Louisville and Wichita) – 66.25% of US home sales. These numbers are not modeled. They are real sales counts and medians.

Aggregate listing prices from DepartmentofNumbers.com have proven to be accurate representations of the trend of the market. Subsequently released sales data has shown that sales prices are consistently between 95% and 97% of listing prices. The median real time listing price of 54 large US metropolitan areas has risen by0.6% in the month ended June 11, with a year to year gain of 2.1%. That indicates a slowing of the rate of appreciation from recent months. Data

Listing Inventory fell  by 1.3 percent in the month ended June 11, and are down 21.8% year to year. Normally inventories peak in the summer between June and August. If this turn sticks, it would suggest that the trend of declining inventory is continuing.

See also NAHB Data Shows Increasing Model Home Traffic, Sales Should Follow


This Week Will Tell If The Bear is Really Coming Out of Hibernation

 
Last week’s selloff did less damage than it may have felt like. The drop stopped in the area of 3 crossing uptrend lines, ranging in length from short term to long term. Here’s what would tell us whether the uptrend is still in force, or signal that something evil this way comes. I have added 8 new stocks to the swing trade chart pick list, including 2 shorts.

Wall Street Examiner Home Sales Charts

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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