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December existing home sales, according to the National Association of Realtors, fell -3.6% from the previous month. This was worse than the expected -1.9% decline.
But on a positive note, existing home sales ROSE 1.1% on a Year-over-year (YoY) basis.
The bad news? The inventory of existing home sales fell to its lowest level EVER.
The median price of existing home sales rose 5.8% YoY.
How long before inventory returns to the market for existing home sales? Just ask The Eagles!
If inventory DOESN’T return, NAR Chief Economist Lawrence Yun will likely agree with Jeff Lebowski about hating The Eagles.
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