Headline: 3.8% month-over-month decline, 4.81 million annually
Expectations: 5.0% month-over-month decline, 4.8 million homes annually
Analysis: Last month saw a modest 0.8% decline in existing home sales. Expectations were for a sharp fall this month, and we got that, but not as bad as expected.
Last month’s number was revised down, with a month-over-month fall of 1.8%. So that makes this months number look a little better.
The reality is the housing situation still continues to be dismal.
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