Monthly · NAR via FRED
Existing Home Sales counts how many previously owned homes sold last month - the primary measure of housing market activity given that existing homes make up roughly 90% of all home transactions. A home sale means a realtor got paid, furniture got bought, renovations got planned, and wealth changed hands. When existing sales collapse, a broad swath of the economy feels it. Published monthly by the National Association of Realtors.
Above 5.5 million annualized units is a healthy market. Between 4-5.5 million is moderate. Below 4 million is a stressed market. Sales peaked at 7.2 million in 2005. The single biggest driver of existing home sales today is the lock-in effect - homeowners with 3% mortgages have no incentive to sell into a 7% market, constraining supply and keeping transaction volumes low even when demand is present. Watch months of supply alongside sales: below 3 months is a strong seller market with rising prices; above 6 months favors buyers and signals price softening is coming.
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