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.
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.
|
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.