Existing Home Sales Index fell 6.8% from July 2007 last year, an improvement from the prior month’s 12.3% year over year fall. Surprisingly, month over month index fell 3.2%, despite the usual seasonal boost seen in July.
Sales should continue slide on a monthly basis, until we hit a low for the year in January.
The NAR remains compulsive spinners, and they refuse to let the data speak for itself. Consider the laughable inanities from their news release, along with my translation:
"Near-Term Home Sales to Stay in Narrow Range"
Of course, the exact same numbers with a positive sign in front of them are not a narrow range, they are a sign of a bottom and imminent recovery.
“Pending home sales are oscillating month-to-month, with the long-term trend essentially flat."
An index down 20 of the past 30 monthly data points hardly qualifies as flat
"Contract signings have been steaming ahead, nearly doubling in activity from a year before in several California and Florida markets"
Something is steaming, but its not contract signings; The doubling has only occurred in regions where prices have dropped significantly, in many areas by as much as 40%;
The NAR are still forecasting home sales to
rise by 6.9% in 2009, and prices to rise by 2 to 4%. Why? Because they just cannot help themselves.
Who Doesn’t Understand the Pending Home Sales Index? August 08, 2008
Near-Term Home Sales to Stay in Narrow Range
NAR, September 09, 2008