Existing home sales dropped by 3.6% m/m in December, reversing much of November’s surprise jump. That left sales up a marginal 1.1% over 2017, and just 2.6% over the past two years. The lack of inventory is the prime cause of that lacklustre performance and, with the number of homes for sale continuing to fall even as sales have retreated, the prospects for 2018 are not much brighter.
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