Posted on 03/21/2024 8:08:19 AM PDT by Kaiser8408a
February’s existing home sales are like a scoop of cottage cheese. Seemingly satisfying until you look more closely at the data (or get hungry 30 minutes later).
Existing home sales soared a stunning 9.5% MoM in February, smashing the expectation of a 1.3% decline and building on the 3.1% MoM in January. However, even with the big monthly jump, existing home sales remain down 3.3% YoY…
Source: Bloomberg
Total existing home sales SAAR surged to 4.38mm – a 12 month high…
Source: Bloomberg
Homeowners may be accepting that mortgage rates are settling into a new normal and can’t delay moving any longer, NAR Chief Economist Lawrence Yun said on a call with reporters.
With a 2-month lag, we can see why existing home sales may have risen, but with mortgage rates rising since then, we suspect the fun and games may come to an end again soon (even if the NAR economist thinks otherwise)…
The number of previously owned homes for sale climbed to about 1.07 million last month, and Yun said he expects that will continue to go up. At the current sales pace, selling all the properties on the market would take 2.9 months, the lowest in about a year.
Realtors see anything below five months of supply as indicative of a tight market.
Even with greater inventory, strong demand put upward pressure on prices. The median selling price advanced 5.7% to $384,500 from a year ago, the highest for any February in data back to 1999.
Sales rose in three of four regions, led by a 16.4% surge in the West
First-time buyers made up 26% of purchases in February, matching the lowest on record.
(Excerpt) Read more at confoundedinterest.net ...
my guess is that 80% of young people today will never be able to buy a home, and they can thank Pedo Joe and the Democrats for it!
You see articles like this EVERY Spring.
By the end of August, in September maybe...they’ll be crying that housing sales have dropped off precipitously. They just can’t explain it.
Idiots.
Bidenomics. What was $1 in 2020 now costs $1.20. So something costing $100000 in 2020 now costs $120000. Houses in our are have almost doubled in price since 2020.
Where are these houses at $384.5? You can’t get a single family home in a safe neighborhood and a decent school district within 30
miles from me for less than $750K. And that is old construction.
I know. Import millions of illegal aliens and put them up in houses paid for by tax payers.
But many will vote for Biden because he supports abortions without restrictions .
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