Existing home sales interesting today only in that we have seen 3 monthly drops in a row at the same time as we have seen 3 monthly increases in supply
This suggests that while the primary issue for housing is clearly supply and Existing homes make up over 80% of activity, there is a danger that the demand side of the equation is also softening
***UPDATE****
4th Month in a row that existing home sales have fallen and supply has risen
Now up to 4.1 months' supply from 2.9 months in Feb and a new high in the up move from the trend low at 1.6 months in Jan 2022
Still very low supply by historic standards...so supply still the bigger driver
Since Feb unemployment has also risen from 3.9% to 4.1%...If you do not have a job, it does not matter how low your mortgage rate is...rising unemployment is likely the single biggest potential driver of increased supply
