Reports that existing home sales are down 1.2% year over year somewhat temper yesterdays slight increase in new home sales.
Â (Reuters article)
While some analysts believe that the new home increase is evidence of a “soft landing.”Â Others are saying that strength in the last few months was due to better than normal weather.Â (AP Article at Yahoo Finance)
Another consideration is aggresive marketing on the part of home builders.Â While softening demand is taking it’s toll on existing home sales, they are also being battered by competition from new home builders as well.Â (Recordnet.com)
As we approach the end of the summer selling season, we can continue to expect to see further weakness in the existing home sales market.