Existing home sales dip in August
|Although GDP revisions this morning revealed that the economy is on stronger ground than previously thought, the housing market is still battling substantial headwinds. Existing home sales declined 0.2% in August to a 4.0 million annualized pace. This essentially continued the sideways trend in resales that has occurred against a backdrop of high mortgage rates and elevated home prices. Mortgage rates have backtracked somewhat since the summer, but a re-acceleration in price growth may be an added barrier to home buying in the months ahead. Existing home sales remain constrained by affordability challenges. Resales dipped 0.2% in August to an annualized pace of 4.0 million. This sideways movement continues a broader flat-lining in sales that has occurred against a backdrop of elevated uncertainty, high mortgage rates and cost-prohibitive home prices.Summary
Resale market still frozen
Existing home sales flatlining
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