Existing home sales plunged a bigger than expected 7.2% MoM in February - the biggest MoM drop in existing home sales since May 2020...

Source: Bloomberg

Home sales remain lower YoY (-2.43%) for the seventh straight month, tumbling to a 6.02mm SAAR (after hitting the highest in a year in January). Notably, as the chart below shows, Existing home sales surge in January was an outlier compared to new- and pending-sales, so perhaps this is payback...