Existing Home Sales Fall

The National Association of Realtors reported Existing Home Sales for January FELL 4.8% year over year (vs a rise of 1.1 last month) and 3.2% vs prior month. Further median FELL a significant 2.4% from the prior month but still rose 5.8% year over year. As we stated in prior post this confirms the weakening Mortgage Bankers Association applications for mortgages for home purchases. Further weakening in existing home sales is likely since the recent mortgage data shows further weakening for 2/16 week.