US home sales better than expected, earlier losses reversed in stocks

From Bloomberg:

Sales of U.S. previously owned homes rose in August to the second-lowest level on record, indicating housing remains depressed a year after the economic recovery began.

Purchases of existing houses climbed to a 4.13 million annual pace, in line with the median forecast of economists surveyed by Bloomberg News and second only to July’s 3.84 million rate as the weakest in a decade’s worth of data, the National Association of Realtors said today in Washington.

Despite seemingly good figure, I still believe that it is a transient phenomenon. As my argument made previously, I believe the real estate market in US still has long way to go before we can see a full recovery.

As of now:

DJIA -0.12%, S&P 500 -0.18%, NASDAQ +0.30%

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About Zarathustra

Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.