Existing Home Sales Disappoint In June As Prices Hit Record Highs Having fallen for four straight months, analysts expected a modest 1.7% MoM rebound in June's existing home sales (despite tumbling mortgage apps and crashing homebuyer sentiment?). They were right but the print disappointed, rising just 1.4% MoM, and notably weaker than that given the downward revision in May to -1.2% MoM from -0.9% MoM Source: Bloomberg The relative shift leaves existing home sales unchanged from April... Source: Bloomberg Notably, "investors" made up a far bigger chunk of buyers than last month (14% vs 9% in May). Median home price rose 23.4% from last year to $363,300, an all-time high... Source: Bloomberg “At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year,” Lawrence Yun, NAR’s chief economist, said in a statement. Supply in June rose very marginally from 2.5 months to 2.6 months. Finally, we note that while housing data has been serially disappointing for months, homebuilder stocks have soared... Source: Bloomberg Of course, while homebuilder sentiment slipped to an 11-month low, it remains in a vapid reality of its own relative to their customers... Source: Bloomberg But, hey, start talking about talking about tapering Jay! Tyler Durden Thu, 07/22/2021 - 10:06