Then again, it may be Chicken Little sky-is-falling time: "[on Calculated Risk, housing economist Tom Lawler estimates] that US existing home sales as estimate

Then again, it may be Chicken Little sky-is-falling time: "[on Calculated Risk, housing economist Tom Lawler estimates] that US existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.56 million in April, down 2.6% from March’s preliminary pace and up 1.5% from last April’s seasonally adjusted pace. Unadjusted sales as estimated by the NAR last month should be about 2.8% LOWER than last April’s pace, with the “adjusted/unadjusted” YOY growth difference reflecting this April’s lower business day count, as well as the different timing of Easter (April 16 this year vs. March 27 last year.) On the inventory front, local realtor/MLS data suggest that the monthly increase in the number of homes for sale last month was slightly higher than last April’s increase, and I project that the NAR’s estimate of the existing home inventory for April will be 2.00 million, up 9.3% from March and down 5.7% from last April." EDIT: link: http://www.calculatedriskblog.com/2017/05/lawler-early-read-on-existing-home.html http://www.calculatedriskblog.com/2017/05/lawler-early-read-...