Solid Start to 2016:
- Existing home sales rose a modest 0.4 percent in January to a 5.47 million-unit rate, marking the strongest pace of sales in six months. Sales are now 11 percent higher than a year ago.
- On a regional basis, the West recorded the only decline in January. The largest gains were in the Midwest and the Northeast, which rose 4.0 percent and 2.7 percent, respectively. Sales in the Northeast are up 20.6 percent year to year.
Tight Inventories May Constrain Spring Sales:
- While total housing inventory rose 3.4 percent during the month, inventories remain exceptionally lean and are still 2.2 percent below their year-ago level. With the spring buying season quickly approaching, supply levels must pick up substantially in order to meet growing demand.
- Ongoing supply constraints have kept home prices firm, with the median single-family home price up 8.3 percent over the year.
Read the complete commentary here: existing-home-sales-20160223