Vir CoreLogic’s leading indicators:
Activity is still up a little year-on-year if weaker than a normal May period. Recall that this index does not include investors, a very big deal given falling rents.
Listings are still very low:
This combination has driven auction clearances straight back up:
This would normally be price bullish but this time volumes are so paralytically low that I see it more as noise than signal.
I remain bearish as rents fall, unemployment rises, immigration dries up and banks tighten. Full report.