Via Stephen Stanley at Amherst Pierpont:<\/p>\n
Existing home sales fell back in October to 5.36 million units at an annualized pace after surging in September.\u00a0 Given the lags involved with existing home sales (they are recorded at contract closing), the dip in October likely reflects the brief period of cautiousness that ensued from the market gyrations in August and early September.\u00a0 Pending home sales for October will be released next Monday, providing a window into whether activity bounced back more recently.\u00a0 In any case, the data have embarked on a seesaw pattern since mid-year, with jumps in July and September and dips in August and October.\u00a0 Over the last four months, existing home sales have averaged 5.45 million units, up from 5.14 million in the first half of the year and 4.94 million in 2014, so the steady uptrend in home sales remains on track despite the fallback in October.<\/p>\n
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Existing home inventories continue to be tight.\u00a0 The number of homes on the market declined in October and the supply is down 4.5% vs. a year ago, though the months\u2019 supply of homes ticked up to 4.8 (because the sales pace slowed), still well below the 6 month level that is consistent with a balanced market.<\/p>\n","protected":false},"excerpt":{"rendered":"
Via Stephen Stanley at Amherst Pierpont: Existing home sales fell back in October to 5.36 million units at an annualized pace after surging in September.\u00a0 Given the lags involved with existing home sales (they are recorded at contract closing), the dip in October likely reflects the brief period of cautiousness that ensued from the market […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-23945","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9YXi-6ed","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts\/23945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23945"}],"version-history":[{"count":1,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts\/23945\/revisions"}],"predecessor-version":[{"id":23946,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts\/23945\/revisions\/23946"}],"wp:attachment":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}