USA existing home sales Stats for feb. just released.
Down to 6.22m vs estimate of 6.5m.
Month over month down 6.6% vs expected down 3%
Diane Olick said on CNBC that the reason of this drop in sales is because a lack of inventory.
As per her saying, there is only a 2 month supply vs a normal 6 months supply in a balance
market.
A lot of house will need to be built to restore this inbalance.
Just one more piece of data for me to stay bullish on the lumber sector for the mid to long term.