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Jan. Existing Home Sales: +2.7% to 5.36M vs. 5.23M expected. Inventory of unsold homes on the...

Jan. Existing Home Sales: +2.7% to 5.36M vs. 5.23M expected. Inventory of unsold homes on the market -5.1% to 3.38M; months supply 7.6. Median sales price -3.7% Y/Y to $158,800. "The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence," NAR's Lawrence Yun says.
Comments (9)
  • davidbdc
    , contributor
    Comments (3165) | Send Message
     
    Considering I read an article yesterday that claimes NAR's numbers are pure fiction I won't go out celebrating.

     

    Inventory of unsold homes is millions more than they are reporting just due to all the homes that get pulled off the market only to be relisted three months later - not to mention all the homes the banks hold.
    23 Feb 2011, 10:10 AM Reply Like
  • Sportivny
    , contributor
    Comments (74) | Send Message
     
    yes, pretty comedic announcement considering yesterday's CoreLogic's revelations... Him and the Bernank should form "Baghdad Bob's School of Statistics - US affiliate"
    23 Feb 2011, 10:34 AM Reply Like
  • bbro
    , contributor
    Comments (9851) | Send Message
     
    Median existing home price 158,800....Median family income (2009)
    60,088 ....158,800 / 60,088 = 2.64.....35 year historical median 2.75...35 year low 2.55 (1976)....35 year high (2006) 3.90....
    23 Feb 2011, 10:15 AM Reply Like
  • Harry Tuttle
    , contributor
    Comments (2221) | Send Message
     
    "historical" means 1950-2009? That was the best period ever for the American middle class.
    23 Feb 2011, 10:23 AM Reply Like
  • bbro
    , contributor
    Comments (9851) | Send Message
     
    Sorry.... meant the data period I have which is 1975 to 2010...
    23 Feb 2011, 10:33 AM Reply Like
  • Matthew Green
    , contributor
    Comments (457) | Send Message
     
    An even better period, especially after the first six years. Looking at those figures the bottom was in 1976 probably because prices started increasing faster shortly thereafter due to inflation. In real terms, the housing market remained stuck in neutral until rates came down in the 80's. Realtors and homebuilders demonstrating in Washington was a fairly common sight when Volcker really began jacking up rates. A few even sent him bricks in the mail.
    23 Feb 2011, 11:24 AM Reply Like
  • Bozerdog
    , contributor
    Comments (464) | Send Message
     
    anyone ever see any analysis done comparing national deficit to median home price and how much each home would have to take out on a second mortgage to support our countries lending? better yet how much each home actually owned and not held on a mortgage?
    23 Feb 2011, 11:26 AM Reply Like
  • bbro
    , contributor
    Comments (9851) | Send Message
     
    30% of American homeowners have no mortgage....
    23 Feb 2011, 01:16 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    One facet of the price situation that I haven't heard comments on was the tendency of potential sellers holding on to their properties during the boom. For instance, a couple retiring and downsizing might hold on to their paid off home for additional appreciation while renting it out. This reduced the inventory of homes for sale and helped further increase the prices. Now, we're in a situation where home prices are falling and those same homes are coming on the market further pressuring prices. Anecdotal information but interesting thought.
    23 Feb 2011, 01:53 PM Reply Like
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