The Housing Story Is Really Inventory

by Jeffrey P. Snider
Alhambra Partners

Existing home sales as reported by the National Association of Realtors fell 7.1% in February 2016 from the month before. It was a very large decline but followed a two-month surge beginning December 2015; which itself came after an unusually large decline in November. In other words, housing and home sales seems to be that much more volatile of late. That much is plainly obvious when comparing home sales since 2013 with the much tighter and more disciplined mini-bubble trend from before the “taper” selloff in the middle of 2013.

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