March Existing Home Sales >than expected

Existing home sales for March came in higher than expected up 5.1%.  This increase was led by SFRs  up 5.5% for the month to 4.76m.  The median price for existing homes is currently $222,700 falling short compared to 1 year ago when the median price topped out (for the period of this recovery) just above $230,000.

This means that interest rates neither encourage nor discourage borrowing. As human beings our propensity to take on long-term debt has nothing to do with what the interest rate is but rather it has everything to do with our employment outlook. So, until that changes the real estate market will continue at the same sluggish pace.

#gotrump