Existing Home Sales Hot-Hot-Hot (Jump 3.3% MoM In January, While Median Price Rises 7.1% YoY)

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.

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Also back to 2001 levels is median price of exisiting homes sales at 7.1% YoY.

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Mortgage purchases applications are only back to 1997 levels.

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Let us hope we never repeat the house price and mortgage credit bubble that started in 1995.

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Here is the original version of Hot-Hot-Hot by Buster Poindexter.

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