The bottom line here is that the data is on a whole a little worse than expected because of the price declines. Overall the existing homes market remains in a recession – and there are no signs yet of recovery.
Despite protests to the contrary by the NAR, existing home sales are moving in the patterns of past years where the government was not interfering in marketplace – namely 2007 and 2008. My argument is simple – this was a normal June, neither up or down from normal.
If one has low expectations, any data will seem better. May 2011 existing homes sales continues its mediocre start to the 2011 buying season. The reality is that home sales in May 2011 is not as bad as it appears, and beginning in July 2011 – will not be as good as it will comparatively appear.
e April existing home sales data indicate a weak start to the high buying season. This could be indicating at least one more year of mediocre home sales and pricing.
Based on March 2011 existing home data, there are NO trend lines indicating this housing crisis is coming to a close.