Hope you've stayed warm this mid-January week.
Some important numbers were released this week, which we like to condense for you, since we know it's hard for you to read through all of the Economic Indicator Press Releases and funky jargon that some of them contain.
For starters, some good indicators were up. The release of New Residential Construction figures for December showed us that both Single-family housing starts in December were 4.4% above November, and also that Privately-owned housing completions in December were up 9.2% above November. Additionally, the National Association of Realtors, or NAR, released their figures on Existing Home Sales for December, which were up for a third consecutive month, at 5.0% above November (Nationwide). Regionally, the biggest gainer in Existing Homes Sales was the Northeast, where the figures jumped 10.7% from November. These very positive increases led to a statement from NAR chief economist Lawrence Yun, who said that we might be seeing signs of a sustained recovery.
Excess Housing inventory is not good...it's Bad. Why? Simple Supply and Demand Economics...more homes means lower prices. That being said, the NAR release also pointed to a 9.2% drop (less inventory), putting the available inventory at the lowest level since March 2005.
These figures do not represent the entire puzzle, as there are still many areas still struggling, and additionally, other important figures will be released next week (Pending Home Sales Index, FHFA Monthly House Price Index, and New Residential Sales). Stay tuned for details.
Thoughts and Opinions are always welcome...
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Have a Great Week, and Happy Rent-to-Owning !
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TAGS: #NewResidentialConstruction #Singlefamily #housingstarts #housingcompletions #Realtors #NAR #ExistingHomeSales #recovery #Housinginventory #ResidentialSales