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OPINION

Housing Market at 10 Year High

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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Existing home sales surged in January to an annualized rate of 5.69 million from a revised 5.51 million in December.  This was the highest level of sales since February 2007, and the trends were largely upbeat.

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By the numbers

  50

 Days on market from 52 in December

  30

 38% of homes on market one month or less

  33

 Percent of first time buyers up from 32%

  3.6     

 Months’ supply from 4.4 in 2016, 4.8 in 2015,  5.2 in 2014          

  59

 Consecutive months of year over year gains

 

Supply continues to fall and that should keep prices edging higher. 

Worrisome but Better

I would still like to see single family home sales pick up at a faster pace, and while I understand the dynamic of millennials wanting to live and work in metropolitan areas, spreading out to traditional homeownership would speak volumes for family creation and old school values.

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Existing Homes

Single Family

Condos/Co-Ops

Annualize pace

5,040,000

650,000

Change M/M

+2.6%

+8.3%

Change Y/Y

+3.7%

+4.8%

Median Price

$271,700

$265,700

Change Y/Y

+5.2%

+4.7%

 

Overall, the data speaks to a greater embrace of the American dream, and taking chances of owning, and even moving out of mom’s basement.  This will spark employment opportunities that will further confidence. 

Positive stuff. 

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