Today The National Association of Realtors released the Existing home Sales figures from January when the annualized amount reached 5.36M, a 2.7% monthly increase over the revised December count of 5.22M. An increase that was far from the previous, also revised, 12.5% but better than the 1.1% decline markets forecasted.
The NAR website features Lawrence Yun, their chief economist: "The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity."
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