Existing Home Sales Tumble For First Time Since May, Prices Hit Record Highs After a big surprise jump in October, existing home sales were expected to drop MoM in November (as homebuilder sentiment rolled over from record highs) after 5 straight months higher and sales did slump - more than expected. Existing Home Sales fell 2.5% MoM (worse than the 2.2% drop expected) and the first MoM drop since May and the YoY surge in sales is starting to slow... Source: Bloomberg “Housing affordability, which had greatly benefitted from falling mortgage rates, are now being challenged due to record-high home prices,” Lawrence Yun, NAR’s chief economist, said in a statement. “That could place strain on some potential consumers, particularly first-time buyers.” This pushed the SAAR down to 6.69mm from 6.86mm in October. Perhaps the slowdown is due to the fact that the median selling price jumped 14.6% from a year earlier on an unadjusted basis to $310,800, the fourth straight month of double-digit increases. Tyler Durden Tue, 12/22/2020 - 10:16