Aug 20

Existing Home Sales Extrapolation Surges To Highest Since Feb 2007 (ZeroHedge, Aug 20, 2015):

By the miracle of NAR extrapolation and seasonal adjustment, the SAAR Existing Home Sales data just printed 5.59mm units – the highest since Feb 2007. Sales were dominated by increases in The West and The South with The Northeast falling. We have two questions for NAR – where are the buyers coming from… and how long is this sustainable?

What’s wrong with this picture?

20150820_ex

Some other data from the NAR: median prices.

existing home sales median price

Where the sales were:

existing home sales sales by region_0

Months of Supply

existing home months of supply_0

What were the prevailing home prices:

existing home sales by price range_0

And sales change by price bucket:

existing home sales sales change from year ago by price_0

In other words, a whole of all-cash purchases in… the South. Sure. And for more comedy here is a brief history of the NAR’s spin, fabrication and outright manipulation of all housing data it can get its hands on.

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