Existing Home Sales Drop, Worst Drop Since 2013

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Posted on 11/28/2024 9:29:28 AM PST by george76

The last gasp of the Biden/Harris reign of (economic) error..

After existing home sales unexpectedly ticked up in October, analysts expected new home sales to slow after their recent resurgence (-1.8% MoM). They were right… BUT… the magnitude is mind-boggling..

New Home Sales collapsed 17.3% MoM in October. That is the largest MoM drop since July 2013.

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That MoM plunge dragged sales down 9.4% YoY to 610k SAAR – the lowest since Nov 2022

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Of course, all the revisions are lower

….

median sale price of a new home increased to $437,300 in October, the highest in 14 months.

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1 posted on 11/28/2024 9:29:28 AM PST by george76

To: george76

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