Monday, July 18, 2016

Lawler: Early Read on Existing Home Sales in June

by Bill McBride on 7/18/2016 03:36:00 PM

From housing economist Tom Lawler:

Based on publicly-available state and local realtor/MLS reports from across the country released through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.62 million in June, up 1.6% from May’s preliminary pace and up 3.9% from last June’s seasonally adjusted pace.

Local realtor/MLS data also suggest that existing home listings in aggregate increased modestly last month, and I project that the inventory of existing homes for sale as estimated by the NAR for the end of June will be 2.19 million, up 1.9% from May’s preliminary estimate and down 2.7% from last June. Finally, I project that the NAR’s estimate of the median existing single-family home sales price for June will be up 5.6% from last June’s estimate.

CR Note: The NAR is scheduled to release June existing home sales this Thursday, July 21st. The consensus is for 5.48 million SAAR in June, down from 5.53 million in May. Take the over!