Existing Home Sales Fall Sharply, But Come In Better Than Expected

Jefferson Davis's retirement home in Biloxi, Mississippi

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.

Don’t miss: The 10 cities still getting killed by foreclosures >

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