Midday Market 01/20: Netflix ER, home sales, and SPY resisting 390-day OpEx

Existing Home Sales 12/2022:

On the macro front, December continued to be a tough month for the housing market with existing home sales down -1.5% MoM after dropping -7.9% in the previous November.

Dragging the YoY change to a -34.00% drop, a record decline deeper than the GFC 2008 period:

This is the longest monthly existing home sales streak in US housing market history, pulling the annualized sales index (SAAR - Seasonally Adjusted Annual Rate) to the lowest since 11/2010

Meanwhile, Mortgage rates have declined for 3 consecutive months:

The existing homes supply/sales ratio at 3.4 (months supply) - highest since COVID:

Notably, 14.5% of all homes sold on the West Coast were over $1M compared to only 1.2% in the Mid-West

Nationwide average selling price back to $366,900 - equal to 06/2021 with 6 consecutive months of decline:

Netflix Earnings Summary: