Another Disappointing US Housing Data Release

Existing home sales fell by -5.1% month-over-month in January. Existing home sales have now declined five of the past six months are now down on a year-over-year basis (5.13%). Mean and average prices, however, remain higher on a year-over-year basis (8.8% and 10.7%, respectively). The month's supply of exisitng homes for sales moved back toward 5 months which may indicate that housing price gains moderate or decline a bit from current levels.