Existing Home Sales decline in May + Inventory increases Year-over-Year + Months of Supply and House Prices

[mEDITate-OR:

not be stunned, once again, by CR's exceptional charts...

Even while we were not stunned by the decline in existing home sales.

These charts are so good, and self descriptive, you need to see them for yourself.

So..., don't forget to don't go there.

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Please, go to Calculated Risk.

a - to read Jim's comments

and

b - to click on the charts to see them @ large.

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Tuesday, June 22, 2010

Existing Home Sales decline in May

The 1st graph shows NSA monthly existing home sales for 2005 through 2010
(see Red columns for 2010).

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The second graph shows nationwide inventory for existing homes.

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The 3rd graph shows the 'months of supply' metric.

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The 4th graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Inventory is not seasonally adjusted, so it really helps to look at the YoY change.

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This graph show months of supply and the annualized change in the Case-Shiller Composite 20 house price index (inverted).

Below 6 months of supply (blue line) house prices are typically rising (red line, inverted).

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