Following strong starts/permits data but weak mortage apps (biggest drop in 3 mo), existing home sales broke the tie with a yuuge beat, surging 5.6% MoM (against expectations of a 0.9% jump)…
…to the strongest pace of sales since December 2006.
The Median sales price increased 5.8% y/y to $248,000.
Inventory of available properties fell 9.7% y/y to 1.67m, the second-lowest in records to 1999, the NAR said.
“Home prices continue to march higher at a very solid pace,” Lawrence Yun, NAR’s chief economist, said at a press briefing accompanying the report. The data are “showing exceptionally tight inventory conditions.”
The overall impact from the tax reform plan “could be mildly negative,” however that could be cushioned by good market conditions including strong demand, a solid job market and the short-term fiscal stimulus from the legislation, he said. The net impact could be slower price gains of up to 3 percent in 2018, he said.
via http://ift.tt/2BnQxy8 Tyler Durden