REIT - Housing Market Crash Is On The Horizon
2024-07-24 08:00:00 ET
Summary
- Existing single-family home sales for June fell 5.4% MoM and 4.3% YoY to a 3.5mm SAAR.
- As with new home sales in May, every price bucket declined in all four regions except the $750k-$1mm and over $1mm buckets.
- With respect to potential rate cuts, the median new mortgage payment now requires 41.4% (pre-tax) of the median household income according to the data parsed by Reventure Consulting.
Housing market update - Existing single-family home (sales for June, released Tuesday) were nothing short of a disaster. Sales fell 5.4% MoM and 4.3% YoY to a 3.5mm SAAR (seasonally adjusted annualized rate). This is the fourth consecutive month of declining used home sales in what should be the strongest seasonal period of the year for home sales. The not seasonally adjusted, monthly number dropped 6.6% from May and plunged 12.6% YoY. This metric is a more reliable indicator of the YoY trend in sales because it's cleansed of any errors imposed on the data by the NAR's seasonal adjustment calculus....
Housing Market Crash Is On The Horizon