Any hopes for good news sparked by yesterday’s housing starts number were dashed by June Existing Home Sales out this morning: sales were down slightly to 4.77 million units from 4.80 million in May, contrary to expectations of a modest gain. Condominium sales were responsible for the loss as single family home sales were unchanged. Regional patterns didn’t show any shifts and no region saw substantial strength in either condos or single family homes. Since these are completed transactions and it is still early in the spring-summer sales season there may be better figures ahead.
The weekly Mortgage Bankers Association figures on mortgage applications were up 15.5% but this was merely a rebound from week or two of momentary weakness. All in all, we’re still waiting for housing to recover.