Existing Home Sales

Remember this one? Last month's print was given credit for the continuation of the equity market rally. The headline number came in at 4.57 million, down from last month's 4.71 million. This is an annualized, seasonally adjusted number of existing homes sold in the U.S.

The below graphs track the inventory and average prices for the existing home market. It looks to me like the market is stabilizing: buyers and sellers are coming to grips with the new market realities. However, I would not call this the bottom, bottom. Foreclosure moratoriums are continuing to expire and and the employment situation is not improving.