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June 22, 2020 By Peter Boockvar

Existing home sales in May

Existing home sales in May, likely reflecting contract signings in January thru April, totaled 3.91mm annualized and that is below the estimate of 4.09mm and down from 4.33mm in April. This is the slowest pace since 2010 but we of course know the main reason. The supply did increase which it always does in the Spring but combined with the lower sales count brought the months’ supply up to 4.8 from 4.0. First time buyers made up 34% of total sales vs 36% in April , 34% in March and 32% in February. After pretty robust price gains in the 1st 4 months of the year (again measuring closings, not contract signings), the median home price rose 2.3% y/o/y.

Bottom line, this number is really meaningless in that the pace of contract signings certainly collapsed in March and April and things were still shutdown in May in many places. We’ve definitely seen in the recent new home sales data and mortgage apps that the housing market is seeing better demand thanks in part to the desire for suburban living. At some point though, the pace of housing transactions will need to correlate to the underlying economy in terms of job and wage growth.

EXISTING HOME SALES

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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