Gavekal Capital: US Existing Home Sales Are Now Down -7.5% Year-Over-Year

Tuesday, April 22, 2014

US Existing Home Sales Are Now Down -7.5% Year-Over-Year

Existing home sales actually slightly beat consensus estimates for March (4.59 million vs 4.56 million), however, they still declined for 7th time in 8 months. The good news is the decline in March was minimal. Average and median home prices also both increased in March. Median home prices are at their highest levels since August. Months supply of homes ticked up to 5.2 months which is the highest level in 11 months. This should continue to hold home prices back somewhat during the next quarter.

In other housing news, the FHFA Home Price Index gained again for the 24th time in 25 months, The year-over-year price gain did slow to 6.9%, however.

About Gavekal Capital

Gavekal Capital is a US registered investment advisory firm that manages the Gavekal Knowledge Leaders Strategy. Knowledge Leaders are a group of the world’s leading innovators with deep reservoirs of intangible capital. These companies often possess competitive advantages such as strong brand, proprietary knowledge or a unique distribution mechanism. Knowledge Leaders are largely service-based and advanced manufacturing businesses, often operating globally. Gavekal Capital seeks to identify the world’s leading knowledge companies through a proprietary process that analyzes corporate knowledge investments.
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