Existing home sales were expected to slow down in June, however, the drop was more than forecasted. Existing homes sales fell 1.7% month over month against expectations of a 0.6% decline to 5.27 million seasonally adjusted annual rate.
Existing home sales nationwide were up 0.9% year over year in the past month. Existing home sales year over year had been negative since the second half of last year and the start of 2019.
National existing home sales declined 0.4% in April 2019 after falling 4.9% month over month in March 2019. This is worrisome because during this two-month period mortgage rates have been falling to almost a one-year low. This is also the 14th month in a row of annual declines, which now makes it the longest stretch of declines since the housing crisis that occurred over a decade ago.
Experts have been forecasting a decline with December existing home sales which are projected to be down month over month by 1.5%. December existing home sales did indeed fall, down a staggering 6.4% month over month.