On the heels of tumbling mortgage rates, existing-home sales jumped 1.3% MoM in August (notably better than the expected 0.7% drop) pushing the annual rise to +2.6% - the biggest rise in sales since May 2017.
Source: Bloomberg
This is the highest level of existing-home sales SAAR since March 2018.
(Click on image to enlarge)
Source: Bloomberg
And all this as the median home price rose 4.7% from last year to $278,200 as multi-family units led the rise in sales (+1.7% MoM) vs +1.2% MoM for single-family homes.
The question is - how sustainable is this improvement given the carnage in bond markets in September?
(Click on image to enlarge)
Source: Bloomberg
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