by Mish

Instead, sales decline a substantial 1.7%. The August decline follows a 1.3% decline in July.

Fourth Drop in Five Months

MarketWatch reports Existing Home Sales Fall in August for the Fourth Time in Five Months.

Existing home sales in August dropped for the fourth time in five months as real-estate agents continue to blame a lack of available homes to buy.
The National Association of Realtors said existing home sales fell 1.7% to a seasonally adjusted rate of 5.35 million. Economists polled by MarketWatch expected a 5.44 million pace.
The median existing-home price in August was $253,500, up 5.6%.
Total housing inventory at the end of August declined 2.1% to 1.88 million existing homes available for sale, and is now 6.5% lower than a year ago.

Harvey Impact

TheWall Street Journal reports A sharp drop in sales in Houston, which was racked by Hurricane Harvey, accounted for most of the overall decline.

Existing-home sales fell 1.7% from a month earlier to a seasonally adjusted annual rate of 5.35 million, the National Association of Realtors said Wednesday. Economists surveyed by The Wall Street Journal expected a rate of 5.45 million sales in August.
Sales have risen just 0.2% over the past year.
A sharp drop in home sales in Houston, which was racked by Hurricane Harvey last month, accounted for most of the overall decline in home sales, NAR economist Lawrence Yun said. He estimated overall sales would have been flat from the prior month without the hurricane effects.


Housing Starts Down Again

Yesterday, the Census Bureau New Residential Construction report shows housing starts declined again in August but July starts were revised substantially higher. Still, starts have lost momentum and are only up 1.4% from a year ago.

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Weakness in Starts, Existing Home Sales, Autos

Both starts and existing sales show considerable weakness.

With auto sales in a distinct downturn, it’s difficult to find drivers for economic growth.

Mike “Mish” Shedlock

Existing Home Sales Unexpectedly Decline

Existing homes sales fell 0.4% in April. The Consensus expected a rise.

Existing Home Sales Decline Fourth Month

Economists missed the boat again this month expecting a small rebound in existing home sales. Instead, sales fell 0.7%.

Existing Home Sales Unexpectedly Decline to 2017 Lows

On the heels of an unexpected decline in new home sales yesterday, comes news of an unexpected decline in existing home sales today.

Existing Home Sales Flat Following Four-Month Decline

"It was a disappointment, but at least it wasn't a loss. Existing home sales were expected to increase in August."

Existing Home Sales Drop 6th Consecutive Month

Existing home sales declined 3.4% in September. This was the 6th month and the 5th month below the consensus estimate.

Existing Home Sales Dip From 18-Month High

Existing home sales fell 2.2% in Sep to 5.38 million units SAAR. Sales are barely in the Econoday consensus range.

Existing Home Sales in June Dive 1.8 Percent: Same Old Problem? Second and Third Quarter Impact?

The wind down to the end of the second quarter is not going very well. Existing home sales in June fell 1.8% to a seasonally adjusted annualized rate of 5.52 million. The Econoday consensus estimate was 5.58 million.

Spring Housing Flop: Existing Home Sales Decline 2.3 Percent, Inventory Issues Persist

The widely expected Spring housing acceleration has turned into a big flop. Yesterday, the Census Bureau reported new home sales declined 11.4% in April.

Existing Home Sales Decline Third Month Despite Rising Inventory

Existing home sales declined for the third month, fourth year-over-year. May sales were revised lower.