U.S. existing home sales surged to a 10-year high in January, despite higher prices.
The National Association of Realtors reports that existing home sales jumped 3.3 percent to a seasonally adjusted annual rate of 5.69 million units last month. This is the highest level since February 2007.
At the same time, in January, the median house price increased 7.1 percent from a year ago to $228,900.
This is typical activity in the boom phase of the Fed created boom-bust business cycle.
The data flies in the face of Austrian-lites who expected a crash of the economy immediately after the 25 basis point hike in Fed-controlled interest rates in December 2015.
As I am reporting in the EPJ Daily Alert, things may be changing but, as of now, we remain in the bull phase of the business cycle.
-RW
People are realizing that rates have bottomed and are about to go higher. Get your mortgage now or maybe never.
ReplyDeleteMeanwhile in the other economy:
ReplyDeletesouthcooknews.com/stories/511082192-south-suburban-homeowners-suffocated-by-property-taxes