For some added colour on this morning’s existing home sales number, our friend and analyst Mark Hanson passes along this chart, which nicely demonstrates the seasonality of the housing market. As you can see, in most years, September drops big against, as families stop moving once the school year starts. This year though: it was only a modest sequential decline — that’s all thanks to first-time homebuyers rushing in to buy. When that ends… can you say clunk?
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