headline says down, but ... y-o-y home sales are up 11.6% .
very good figure compared to last year.
the strange anamoly in housing sales...
while home sales are up nicely,... the number of homes being sold is about the same level as what it was in the recession of 2001, 2002 .
so we are no where near the frantic peak levels of 2006 or 2007.
I believe that:
slightly rising rates + inflationary pressure in construction + low supply = a nice steady climb in prices.
Not necessary a frothy, parabolic rise that ends up busting, but more of a long, steady upward trend.