HAUNTED HOUSING

August existing home sales came in at a seasonally adjusted annualized rate of 3.86 million. This is down 2.5% M-o-M, 4.2% Y-o-Y, and marks the 36th straight month of year-over-year sales declines. August is the third straight month of sub-4 million sales, a level rarely seen. Sales are scraping all-time lows. With inventory at 4.2 months, up from 3.3 Y-o-Y, and rates down 110bps Y-o-Y, further sales deterioration is over.