PAD PRICES

December median existing home sales jumped 5.1% M-o-M but just 1.4% Y-o-Y and remain near historic lows. A strong reason for any sort of sales bump is prices are falling. The median price has fallen for the second straight month, and in five of the past six. Moreover, new home prices fell 3.3% M-o-M in October, are down 8.8% Y-o-Y, and are at their lowest price since 7/21.