May US Existing Home Sales Fall -0.9% MoM, Available Inventory Increases Slightly, Median Price Up 2.8% MoM And 23.56% YoY

Sharing is Caring!

by confoundedinterest17

Fed Chair Powell will speak to a Congressional Oversight Panel today at 2pm. He released his printed statement, and mentions that inflation is usually high.

Inflation has increased notably in recent monthsThis reflects, in part, the very low readings from early in the pandemic falling out of the calculation; the pass-through of past increases in oil prices to consumer energy prices; the rebound in spending as the economy continues to reopen; and the exacerbating factor of supply bottlenecks, which have limited how quickly production in some sectors can respond in the near term. As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.

See also  US New Home Sales Rise 6.3% Since May, Back To Pre-Housing Bubble Levels

Fed speak 101. Aka, “Things got so bad, that of course prices are rising from the pit of despair.” No mention of M2 growing like a bat out of hell or Fed Mission Creep.

But how about existing home sales for May 2021? Median price for existing home sales are up 23.6% year-over-year with surging M2 money supply.

See also  US Existing Home Sales Rise 1.4% MoM In March, But Median Prices Soar 23.4% YoY With Small Increases In Inventory (Where Have All The Affordable Houses Gone?)

On a month-to-month basis (MoM), existing home sales median price rose 2.8% on slightly higher available inventory.

I want to think that the Congressional Oversight Panel will ask insightful questions, but that is wishful thinking. It is all Kabuki Theater.

Here is the Congressional Oversight Panel questioning Fed Chair Powell.

 

471 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.