Existing home sales surged in January to an annualized rate of 5.69 million from a revised 5.51 million in December.  This was the highest level of sales since February 2007, and the trends were largely upbeat.

By the numbers

Supply continues to fall and that should keep prices edging higher. 

Worrisome but Better

I would still like to see single family home sales pick up at a faster pace, and while I understand the dynamic of millennials wanting to live and work in metropolitan areas, spreading out to traditional homeownership would speak volumes for family creation and old school values.

Overall, the data speaks to a greater embrace of the American dream, and taking chances of owning, and even moving out of mom’s basement.  This will spark employment opportunities that will further confidence. 

Positive stuff.