Existing home sales
MacroDefinition
Monthly NAR release of completed transactions on resale homes. Captures ~85% of US housing transaction volume. Sensitive to mortgage rates and consumer confidence.
Slumped to 30-year lows in 2023-2024 as the lock-in effect (homeowners stuck in 3% mortgages) collapsed inventory turnover. New-home sales (separate release) held up better thanks to builder rate-buy-down promotions.
Slumped to 30-year lows in 2023-2024 as the lock-in effect (homeowners stuck in 3% mortgages) collapsed inventory turnover. New-home sales (separate release) held up better thanks to builder rate-buy-down promotions.
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