July Existing Home Sales tank
The month over month decline in the sales rate was much worse than expected: down 4.1% from June vs. forecasts for a 1.2% decline. The sales rate of 6.33 million units looks like the worst since January 2004. Sales year-over-year were down 11.2%, also a deterioration from recent YOY declines.
Here's the real kicker: Total inventories increased AGAIN to a fresh all-time high of 3.86 million units. It's also up a whopping 39.9% YOY. And on a months supply at current sales pace basis, inventory ballooned to 7.3 from 6.8 in June. This is the worst reading in that regard since 1993.
OVERALL median prices DID eke out a gain -- 0.9% YOY. That's the same YOY increase as last month. But in 3 out of 4 regions of the country (Everywhere but the South), they did fall. And condo prices also declined again on a YOY basis, but by less (-1%) than in June.