NAFCU Macro Flash Data Finds Spread Between Existing and New Home Sales

ARLINGTON, Va. — NAFCU Macro Flash Data reports for both existing and new home sales show results from the month of October underperforming relative to expectations but portray a mixed bag with existing sales down by 1.2% (annualized) and new home sales up by 1.7%.

This is the slowest period for existing home sales since 1999, as year-over-year, sales have dropped 20.7%, according to the report. The same is true for median home prices, which declined 5.1% to $207,800 (non-seasonally adjusted). Similarly, the inventory of homes available for sale increased from 10.4 months supply to 10.8 months for the month, well above the usual six-month supply, said NAFCU. This eighth month decline reinforces the notion of economists that the housing market will be depressed for many months to come.