Last month existing home sales absolutely sizzled, hitting a rate of 5.69 million/year, the best level since 2/07. Remarkably, this strength came despite inventory of only 1.69 million units. That’s just 3.6 months of supply at the current sales pace, the lowest level seen this century! Moreover, inventory has fallen year-over-year for 20 straight months. Unsurprisingly, the median-priced home is up a whopping 7.1% from last January. Please, more homebuilding!
Elliot F. Eisenberg, Ph.D.