Hurt Housing

May existing housing sales fell 8.6% Y-o-Y, have declined four months in a row, and are at the lowest May level since 2015 (except for 5/20). Inventories, while profoundly low, are edging up, and due to declining sales, months of inventory is smartly up. Lastly, house price appreciation, while strong is slowing, more for sale homes had price cuts than in years, and YTD homebuilder stock prices are down 40%.