Declining Dwellings

December existing home sales came in at rate of just 4.99 million, the lowest since 11/15. Sales are down 10.3% Y-o-Y, 6.4% M-o-M, and the median price increased just 2.9% Y-o-Y, the weakest since 2/12, to $253,600. CY2018 sales were 5.34 million, versus 5.51 million in 2017 and the 2016 cyclical peak of 5.45 million. The recent decline in rates will help, but 2019 activity is unlikely to best 2018.