Existing Home Sales Unexpectedly Drop
The new NAR report came out showing existing home sales dropped 2.7% after several months of increases. As we have been saying for the last 60 days, the market is probably leveling off. However, it will not be a ‘V’ recovery, where the sales would bounce off the bottom, but instead an ‘L’ recovery, where sales will probably dribble along the floor for some time before they will be strong enough to recapture true momentum. Use the the terms ‘V’ recovery and ‘L’ recovery with your clients but then immediately explain what you mean by those terms.