Sales of existing homes during the month of January 2017 reached the highest point since February 2007, according to the National Association of REALTORS® (NAR).
“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).”
There is often lot of speculation and extrapolation on the numbers where the economy is concerned, and for 2017, it was off to an early start…
“Combined with missed expectations for existing home sales data earlier this week, 2017 so far doesn’t seem to be shaping up to be a banner year for homebuyers.” -Svenja Gudell, Chief Economist for Zillow
Even in the statement, Gudell is alluding to “expectations.” The good news is that the reality is objectively positive.
To be fair, there are many more factors at play in the housing market than simply existing home sales. As mentioned before in this article, there is still an inventory problem, despite builders showing more confidence for the coming year.