Existing-Home Sales Stumble

The Lehmann Letter (SM)

Last month we noted an uptick in existing home sales and wondered if that was the start of an upward trend.

Not yet……

No upward trend has emerged.

This morning the National Association of Realtors reported 4.93 million existing-home sales for November at a seasonally-adjusted annual rate:


As you can see in the chart and table: This indicator remains at approximately 5.0 million.

Existing Home Sales

5.8 Existing Home Sales 05-21-14

(Recessions shaded)

Existing home sales in millions:


March           4.96

April              4.99

May              5.15

June             5.16

July              5.38

August          5.33

September    5.26

October        5.13

November     4.83

December     4.87


January        4.62

February       4.60

March           4.59

April              4.66

May              4.89

June             5.03

July              5.14

August          5.05

September    5.18

October        5.25

November    4.93

No upward trend has emerged.

(To be fully informed visit http://www.beyourowneconomist.com/)

© 2014 Michael B. Lehmann