Existing Home Sales May Still Have a Chance at Year-Over-Year Growth

July 27, 2020
Smaller brick house
By Brett

Existing home sales from May to June increased dramatically, but not so much for year-over-year sales. There was still a 11.3% decrease in existing home sales, according to HousingWire. Could existing home sales see a year-over-year increase? Purchase applications have experienced a large year-over-year growth, and if those numbers continue, there is a high chance for existing home sales to prevail. Lead analyst at HousingWire, Logan Mohtashami, says the best monthly sales in the past 12 years have come in the wintertime. Read more to see what the analyst says about purchase applications and home prices.

This week’s Mortgage Banking Association purchase application data showed 19% year-over-year growth.

This continues the upward trend of the last four weeks, which had year-over-year growth of +19% +16% +33% +15%. Purchase application data has had a quintessential V-shaped recovery. If purchase applications stay flat to positive, year over year, we will maintain the recovery gains.

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