Here are a few excerpts from a Reuters article: Existing Home Sales Fall as Prices Rise Most Since 2005
U.S. home resales edged downward in March, a pause in the housing market recovery that has helped boost the economy
Nationwide, the median price for a home resale rose to $184,300 in March, up 11.8 percent from a year earlier, the biggest increase since November 2005. The limited supply of available properties is pushing up home values.
First, this isn’t a “pause in the housing market recovery”. The housing recovery is based on residential investment, and only the commission on existing home sales is included in residential investment (the main contributors are new home sales and home improvement). A decline in the headline number for existing home sales due to fewer distressed sales, is a positive, not a negative!
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