2/9… home, things aren't looking so rosey. That is, the median price for all types of previously owned homes, co-ops, and condos in April saw their values fall -1.7% YoY to $388.8K, or the third month in a row of YoY declines, based on data from the… pic.twitter.com/K7uWdgLtEA
— Gordon Johnson (@GordonJohnson19) May 22, 2023
4/9… but less than MoM increase in April 2022 of +4.3% (thus, the bigger YoY fall). Furthermore, when moving to the sale of existing homes, April saw a -3.4% fall from March to 4.28mn homes, which means we're firmly entrenched in the dismal levels seen during the Global… pic.twitter.com/EaDlAw5OVj
— Gordon Johnson (@GordonJohnson19) May 22, 2023
6/9 Furthermore, despite claims there's no availability, NAR noted that homes that actually sold spent 22 days on the market in April, up from 17 days last April. Oh, and when looking at another measure of median days on the market, or months' supply, we note they rose to 2.9…
— Gordon Johnson (@GordonJohnson19) May 22, 2023
8/9… firmly entrenched above +50% for much of the past 3 months. Translation? Sellers continue to keep homes off the mkt (see existing home sales), despite rising availability, under the assumption that 6.5%-7.0% mortgage rates will pass. But, w/ mkt internals worsening,… pic.twitter.com/SeB8vpiNXl
— Gordon Johnson (@GordonJohnson19) May 22, 2023
cc: @LoganMohtashami
— Gordon Johnson (@GordonJohnson19) May 23, 2023