Existing home sales declined 2.2% compared to the same period a year ago, while actual home prices declined for the first time since 2012 in major metro areas on the West Coast. With unemployment at a 50-year low and mortgage rates considerably lower than they were just a year ago, many economists are puzzled at the sales volume decline.
Lawrence Yun, the National Association of Realtor’s chief economist said, “It doesn’t make economic sense”