US existing home sales for December 2019
- Prior month 5.35 million no revision from previous month
- Existing home sales 5.54M vs 5.43M estimate
- Rises 3.6% versus 1.5% estimate
- overall sales took a significant bounce, up 10.8% from a year ago.
- inventories home for sale 1.4 million units. That is 3.0 months supply. Last month 3.7 months
- 1 sold inventory totals have dropped for 7 consecutive months from year ago levels.
- Property stability remained on the market for 41 days in December versus 46 days in December 2018
- median home price $274,500. That is up 7.8% from December 2018. 94 straight months of year-over-year gains
- affordability rankings declined in 81 metro areas.
- South +2.2%
- West -1.8%
- Midwest -1.6%
- Northeast unchanged
- 1st time homebuyers were responsible for 31% of sales
- 2nd homebuyers purchase 17% of the homes in December 2019 up from 15% last year.
The existing home sales account for the vast majority of sales (around 90%). Supply remains a major concern as it fell sharply to 3.0 months vs 3.7 months last month.. The housing market is getting tighter and tighter.
The National Association of Realtors expect "2020 to be a great year for housing". For people in the house, the news is good news. For those not in a house, the affordability is making it harder and harder as wages lag price gains,
