Whoops! Existing Home Sales Drop Well Below Forecast

Of course, this was not unexpected for anyone who reads my work…

The seasonally manipulated adjusted rate fell to 4.93 million – well below the expected rate of 5.2 million. Note: this is a statistically calculated annualized rate and bears no resemblance to the actual sales rate. As we know from an earlier post, SoCal home sales in November plunged 19%.  Inventory is climbing quickly, which is consistent with all of the new “for sale” and “for rent” listings all over the metro-Denver area.

More later, but suffice it so say that my homebuilder short-sell reports are very ripe and ready: Homebuilder Reports.

 

4 thoughts on “Whoops! Existing Home Sales Drop Well Below Forecast

  1. Dave –
    Can you point me to a realty site – maybe REColorado – that lists on a weekly basis the new listing inventory in the Denver area? Corelogic seems to not have an easy to access ‘button’ on their site where I can find this info?

    Interesting that the number of signs are going up even this time of the year – I suspect your comment was anecdotal yes?
    Wanting to move there this next year I have become very alert to movement in prices. Seems that prices are dropping over the last several weeks – but I suspect this is a seasonal factor – really curious as to what Spring Summer 2015 will hold esp. Littleton and points south through Doug. Co.

    1. Housing? It’s imploding now. The economy is imploding. The only market not imploding is the stock market because the Fed and the banks are intervening.

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