The Headline: "Existing home sales broke a 4 month losing stretch rising 1.3%/ month".
That said, the ONLY THING THAT MATTERS HERE IS SUPPLY IS RISING.
1.33 M homes for sale at end of month....up 18% Year over year.
Weitz Take: What's it all mean? I suppose the 'jury is still out', but if you read this blog routinely, you know SUPPLY IS EVERYTHING in my opinion.
With high supply comes more likely price drops if properties are not sold. I will reaffirm my previous statement that we are at or very near the top of this market cycle and it could get very ugly.
The next 3-6 months will be very interesting. If rates aren't cut, I think we start to see major cracks in the market especially if inventory continues to rise.
Enjoy the end of summer as we start what will surely be an interesting Fall on many levels not the least of which is the most emotional Presidential election I think our generation has ever seen.
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