- Existing Home Sales for January fell to 4.89M versus estimates of 4.8M and an upwardly revised 4.91M in December.
BOTTOM LINE: Sales of existing homes in the US fell less than estimates, Bloomberg reported. At the current sales pace, supplies rose to 10.3 months’ worth versus 9.7 in December. The median sales price fell to $201,100. Resales fell 3.6% in the Northeast, 2.1% in the West and .5% in the South. Sales rose 3.4% in the Midwest. Some indicators indicate demand for homes may be near a bottom. Confidence among homebuilders rose for a second straight month in February and companies said there were more potential buyers looking at properties, the National Assoc. of Homebuilders said on Feb. 19. As well, the latest Univ. of Mich. consumer confidence index showed a record number of Americans said lower home prices made home buying conditions favorable. I still expect home sales to surprise on the upside this spring on pent-up demand, lower prices and lower mortgage rates.
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