Don W

June Existing Home Sales Dip While Supply Rises

One thing missing from this analysis: by-month-adjusted-sale... Everyone in the industry knows that home sales in the summer months are easily 20% higher than winter months, with late July and early August being peak sales - regardless of the market. Saying that the rate of decline from May to June being less than previous months/years shows that the market is close to a bottom is completely missing important market trends and factors. Come November and December when the sales figures show an substantial decrease in sales month by month (due to the periodic nature of home sales as well as the economy/interest rates/tightening loan requirements), and those who try to 'slow the panic' by writing optimistic columns will be left with little to stand on as far as credibility. Oh, wait - they'll just write another column to explain why they were right but that unforeseen influences thwarted their 'expert projections.'