Existing home sales rose in January albeit from a big negative revision in December. Prices escalate.
Existing Home Sales Rise 0.6%
The National Association of Realtors reports Existing Home Sales Rose 0.6% in January to a seasonally adjusted annualized rate of 6,690,000.
Econoday notes that the reported rise of +0.7% rise in December to 6,760,00 is now a revised 6,650,000 total -0.9%.
Still, it's pretty clear housing has been firing on all cylinders. Year-over-year sales are up 23.4% and the numbers will look outrageous in May compared to the Covid dip.
Housing Supply
Median Home Price
Year-Over-Year Median Price
The median price of an existing home is $303,900, up 14.1% from a year ago.
These numbers are misleading because they do not take in size of home or location. But they do give a correct sense that prices are rising.
The Case-Shiller National Home Price Index of the sale of the same home was up 9.48% in November.
That's a better metric but the data lags.
At the current rate of sales, the national supply of homes available for sales is only 1.8 months. That adds to price pressures.
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