Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Sales Still Mired Down by Affordability Challenges
The housing market is stuck in stasis. Total existing home sales rebounded 2.0% to a 4.0 million-unit pace in July. Although the bounce-back from June’s decline was an encouraging sign that activity is not declining sharply, the trend in sales has essentially moved sideways this year as affordability conditions remain challenging and the macroeconomic backdrop weakens.