"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Wednesday, April 20, 2011

Existing Home Sales

This is the counterpart to yesterday's New Home Sales, and the market loves the heck out of it for similar reasons.  Home sales of any sort have that broad pattern trickle-down impact, causing people to throw money to the banks and mortgage companies, and then spend on durable goods.
 
Existing home sales were weak in February, coming in at an annual rate of 4.88 million.  The Econoday-surveyed analysts are optimistic about March, predicting an annual rate of 5.0 million sales.  For the actual results we turn to the National Association of Realtors and their press release, from which we learn that the analysts weren't optimistic enough.  February's annual rate was revised upwards to 4.92 million, and March comes in at a seasonally-adjusted annual rate of 5.1 million.
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