Yesterday's numbers were for NEW home sales. Sales were up, but prices were way down. Today's press release is for EXISTING homes. Overall, housing is doing poorly. I wouldn't celebrate a 16% sales gain if it were accompanied by a 11% price drop.
Yeah, I know what the NAR is saying. Notice that the reporters are very confused themselves. The NAR is feeding bovine squat to reporters who just nod their heads and take notes. Realtors love to spread confusion about housing prices. Google housing prices and you will see those stupid, misleading “Up, down, up, down” headlines. Home prices are a crock especially in California where standard sized houses may sell for $ 850,000 ++. The general public better wake up soon.