Existing home sales for January remain hot-hot-hot.
According to the National Association of Realtors, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, expanded 3.3 percent to a seasonally adjusted annual rate of 5.69 million in January from an upwardly revised 5.51 million in December 2016. January’s sales pace is 3.8 percent higher than a year ago (5.48 million) and surpasses November 2016 (5.60 million) as the strongest since February 2007 (5.79 million).
On a more negative note, existing home sales are finally back to 2001 levels near the beginning of the horid housing bubble of the 2000s.
Also back to 2001 levels is median price of exisiting homes sales at 7.1% YoY.
Mortgage purchases applications are only back to 1997 levels.
Let us hope we never repeat the house price and mortgage credit bubble that started in 1995.