US Home Prices Surge To Record High As Homebuilder Hope-Reality Gap Largest Ever

Following April’s declines across the home sales data (as well as a dip in homebuilder optimism), existing home sales in May surprised positively (up 1.1% versus -0.4% exp) and follows a small upward revision to April’s drop.
First-time buyers accounted for 33 percent of all sales in May, down from 34 percent in the prior month.

This post was published at Zero Hedge on Jun 21, 2017.