Excerpt:
Sales in June (5.12 million SAAR) were down 5.4% from the previous month and were 14.2% below the June 2021 sales rate. Sales are now below pre-pandemic levels.
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The second graph shows existing home sales by month for 2021 and 2022.
Sales declined 14.2% year-over-year compared to June 2021. This was the tenth consecutive month with sales down year-over-year.
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Key point on Timing of SalesExisting home sales are reported when the transaction closes. Sales in June were mostly for contracts signed in April and May. Recent data shows a significant slowdown in activity starting in May and decelerating further in June.
My sense is contracts for sales really declined in June, and that will show up as closed sales in July and August – so we should expect a further decline in existing home sales over the next few months.
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