U.S. existing home sales came in stronger than expected, at 5.19 million vs. a 5.03 million consensus estimate. That’s an authentically strong number (+10% year on year) and suggests that the extremely weak data of the past several months might have been at least partially weather-related.

The real mystery, though, is why home sales haven’t been stronger, given that mortgage rates are just 0.06 percent shy of their all-time low in 2013.

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