Existing Home Sales came in at 4.93 million for the month of March -- the third worst reading in the economic indicator's history. The indicator fell 1.99% month over month, less worse than the expected -2.2%. The indicator fell 19.31% year over year versus expectations of -19.48%. As shown in the table at right and chart below, the year-over-year changes are getting slightly less worse than they have been in recent months, but they still have a long way to go before a mention of "things are getting better" should surface. However, things have gotten better for homebuilding stocks.
Later this week, New Home Sales for March will be released, and next Tuesday we'll get the updated S&P/Case-Shiller numbers.
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