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BMO Economics: Fall in U.S. Home Sales Not the Full Story
U.S. existing home sales unexpectedly fell in December, but trend is still good

(CHICAGO – January 22, 2013) While the U.S. existing home sales unexpectedly fell in December, sales trends have improved a great deal since last summer and other indicators are positive, according to BMO Economics.

While the U.S. existing home sales unexpectedly fell in December, sales trends have improved a great deal since last summer and other indicators are positive, according to BMO Economics.

All the declines in December’s sales were in the single-family component, at -1.4 percent. Condo sales continued to head higher, up 1.7 percent. The inventories of homes available for sale fell for the 4th month in a row to the lowest level since 2001. And the months’ supply of homes also dropped to a 7½-year low of 4.4 months. “The levels should throw some su pport on prices,” said Lee. “Overall this is a still-decent report supported by strong details.”