Domicile Decline

While existing home sales in September rose a surprisingly strong 7% M-o-M to an annualized rate of a very robust 6.29 million, they decreased 2.3% from the frenzied housing market of a year ago. More interestingly, however, price growth is rapidly decelerating. It has slowed from a Y-o-Y gain of 23.6% in May, to 23.4% in June, to 17.8% in July, to 14.9% in August and now 13.3% in September.