Ongoing Weakness in Existing Home Sales (NSA)

A few quick thoughts on today’s Housing data:

1st, we must begin with the laugher NAR headline: June Existing-Home Sales Slip on Contract Cancellations, but Prices Stabilize; My advice to them is to switch to bottled water, as there is obviously some psychotropic polluting their tap water.

Second, the data remains soft:

• Total existing-home sales declined 8.8% below June 2010 sales.
• EHS are at annual rate of 4.77 million in June 2011 vs 5.23 million unit level in June 2010
• National median existing-home price for all housing types was $184,300 in June, up 0.8% from June 2010
• The median existing single-family home price was $184,600 in June, up 0.6% from a year ago.
• Distressed homes, foreclosures and short sales accounted for 30% of sales in June 2011
• Total housing inventory rose 3.3% to 3.77 million existing homes, a 9.5-month supply
• All-cash transactions accounted for 29% of sales in June 2011, up 5% from the 24% level in June 2010
• First-time buyers purchased 31% percent of homes in June, down from 43% percent in June 2010 when 1st time home buyers tax credit was expiring

Is anyone still seriously expecting a Housing recovery anytime soon?

Last, our favorite housing chart, courtesy of Calculated Risk:

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Existing Homes Sales, Non Seasonally Adjusted 2005-2011

click for ginormous chart

Source: Calculated Risk

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Source:
June Existing-Home Sales Slip on Contract Cancellations, but Prices Stabilize
National Association of Realtors, July 20, 2011
http://www.realtor.org/press_room/news_releases/2011/07/existing_slip

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