They say that October is the scariest month of the year, and if we look at housing market data, they are right. Several housing data reports came out last week and point to a sickly market. Existing Home Sales Fall Sales of previously owned homes or existing home sales fell 2.2% month over month in September. Experts were forecasting a modest drop of 0.7%, so the actuals for September were much below expectations. In unit terms, the seasonally adjusted annual rate of 5.50 million for August fell to 5.35 million in September. Existing home sales increased for two straight months… Read moreNightmare on Metro Denver Streets, Existing Homes Sales Fall 2.2%
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.