Existing home sales hit 10-year high in January

[DonViejo]

Source: Reuters



Wed Feb 22, 2017 | 10:01am EST

U.S. home resales surged to a 10-year high in January as buyers shrugged of higher prices and mortgage rates, a sign of growing confidence in the economy.

The National Association of Realtors said on Wednesday existing home sales jumped 3.3 percent to a seasonally adjusted annual rate of 5.69 million units last month. That was the highest level since February 2007.

December's sales pace was revised up to 5.51 million units from the previously reported 5.49 million units. Economists had forecast sales rising 1.1 percent to a 5.54 million-unit pace in January. The NAR also revised sales data going back to 2014. The revisions were minor and had no impact on the characterization of the housing market.

Sales were up 3.8 percent from January 2016. Demand for housing is being underpinned by a strengthening labor market, which is improving employment opportunities for young adults and, in turn, boosting household formation.

Read more: http://www.reuters.com/article/us-usa-economy-idUSKBN1611UZ

[NewJeffCT]

1. I'm sure Trump will take credit for this

even though he was only president for the last few days of January, took the first weekend off and then golfed the next weekend

[Zoonart]

2. BIGLY... 3..2..1......

[DavidDvorkin]

4. It was all because of confidence in his upcoming administration

That will be his tack.

[flamingdem]

3. Homes sold before Cheeto took the reins

Confidence may waiver shortly

[Corgigal]

5. I just sold my home yesterday

Lived here 20 years, but want to go down in obligations. I want funds, cause cash is king. So the people buying the homes, good for you. I went 11 thousand over ask, so if anyone can get their house up and go smaller. Time to do it. I might buy a house in a few years to age out, but I feel better without bills right now.

Don't get me wrong, I wanted to get out of this red state for awhile. My baby graduated out of college, and I feel it's a good time to go. I don't care what the stock market says, people are concerned about their future.

[elmac]

6. In my west MI area

there are a flood of homes being listed, looking like a buyers market to me.

[Bengus81]

7. Sales of homes new and existing were booming here in 1980 and several months into 81

By the summer of 1982 the housing market basically collapsed. Ronnie rolls out his tinkle down economics and millions lose jobs. Around here with aviation the disaster kept going on into 1985/86/87. Builders went BK around here by the dozens.

This will play out again when Trump pulls the same tinkle down on steroids and makes the early 80's and what's going on in Kansas under Gov. Brokeback look tame by comparison.