The National Association of REALTORS reports that Existing Homes Sales rose 0.6% in January from December to an annual rate of 6,690,000 annualized units. Sales were up nearly 24% from a year ago. Gains were seen in the Midwest and South, with declines in the Northeast and West. The median existing-home price for all housing types jumped 14.1% annually to $303,900. Housing inventories are at an anemic 1.9 months, down almost 26% from a year ago. Spokesperson Lawrence Yun said, "Home sales are continuing to play a part in propping up the economy. With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year."
An article in the Wall Street Journal is circulating and you can see it on the Tabrasa LinkedIn page. Dr. Markary highlights that COVID cases are down 77% in the last six weeks and we will have herd immunity by April. As COVID continues to lose its grip, big states like New York and California are moving closer to reopening their economies as the two states combined makeup nearly 25% of U.S. Gross Domestic Product. Remember, the is week, Retail Sales for January was five times higher than expectations with these big states hardly participating.
Existing Home Sales rise. Housing inventories remain low. COVID losing its grip.
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