Home Sales Hit 11-Month High!

Existing Home Sales Up 5% Over Last Year

The National Association of Realtors reported that December existing home sales rose 5% over last year, and have been up for three consecutive months! 

"Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”"

There has been a lot of talk about housing and the economic recovery, because a strong housing market often played an important role in past recoveries.  Several indicators, like increased sales over last year, decreases in inventory, and projected low interest rates, suggest that this could be a good year for real estate.  And a good year for real estate could help make this a good year for the broader US economy.