A Home Sales Crash is On the Way: Let’s Discuss the Impact

by Mike ‘Mish’ Shedlock
The Street

Existing home sales fell to a Seasonally Adjusted Annualized Rate of 5.27 million compared to an estimated 5.335 million SAAR.

The lead chart is from the NAR.

  • In March, single-family sales were down 8.1% and condominiums sales were down 11.7% compared to last month.
  • Compared to a year ago. single-family home sales were up 1.3% while condominium sales were down 3.6%
  • Single-family homes had an increase in price up 8.1% at $282,500 and condominiums rose 7.9% at $263,400 from March 2020.

Econoday economists expected existing home sales to decline 7.5%.

Things were a bit worse than expected in March. April and May rate to be disasters.

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