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The Kobeissi Letter
BREAKING: US existing home sales fell -5.9% month-over-month in March, to an annual rate of 4.02 million, the lowest pace of sales for any March since 2009.
This also marked the largest monthly decline since November 2022.
The drop was significantly worse than the expected a -3.1% decrease.
Sales dropped in all four US regions, with the largest declines occurring in the West and South.
Demand remains weak as home prices are near record highs while mortgage rates are above 6.5%.
The US housing market is frozen.
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BREAKING: US existing home sales fell -5.9% month-over-month in March, to an annual rate of 4.02 million, the lowest pace of sales for any March since 2009.
This also marked the largest monthly decline since November 2022.
The drop was significantly worse than the expected a -3.1% decrease.
Sales dropped in all four US regions, with the largest declines occurring in the West and South.
Demand remains weak as home prices are near record highs while mortgage rates are above 6.5%.
The US housing market is frozen.
tweet