On the plus side, existing home sales in 2017 hit 5.51 million, their highest level since 6.478 million in 2006. But, existing sales are up trivially from 5.45 million in 2016, and 5.25 million in 2015. Why?  A complete lack of inventory. It’s declined for 31 consecutive months Y-o-Y, and at the current sales pace the stock of homes for sale would be gone in 3.2 months, a record low.