Friday, January 20, 2012
Existing home sales gain momentum
The National Association of Realtors said existing home sales increased 5% month over month to an annual rate of 4.61 million units, an 11-month high, while homes listed for sale dropped to a 7-month low. Calculated Risk's Bill McBride notes that 6.2 months' inventory--while the absolute number is down to its lowest level since March 2005--is "still a little high." Keep plugging; one more good month and scarcity will be a factor.