All Facts Matter (@all_facts_matter)

Existing home sales dropped in August, despite easing mortgage interest rates. ***** Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – descended 2.5% from July to a seasonally adjusted annual rate of 3.86 million in August. Year-over-year, sales retracted 4.2% (down from 4.03 million in August 2023). “Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” said NAR Chief Economist Lawrence Yun. “The home-buying process, from the initial search to getting the house keys, typically takes several months.” ***** https://www.nar.realtor/newsroom/existing-home-sales-dipped-2-5-in-august This not a sign of a healthy economy. This is yet another sign of how toxic housing remains in this economy. This is yet another sign that neither Powellnomics nor Kamalanomics (Bidenomics rebranded) are working.