REIT - The Housing Market Hit A Wall In May/June - It's Headed South Pronto
2024-07-16 14:20:00 ET
Summary
- In taking a deeper dive into the existing home sales report for May, I noticed that the distribution of sales across the six price “buckets” shows a different story than the headline number broken out by sales region.
- Recent reports indicate a surge in listings and price cuts in previously hot housing markets, potentially leading to buyers in top price buckets being underwater.
- The homebuilder stocks went straight up the last three days of the week, with most of the move triggered by a better-than-expected CPI report.
Housing market update – In taking a deeper dive into the existing home sales report for May, I noticed that the distribution of sales across the six price “buckets” shows a different story than the headline number broken out by sales region: