January 25, 2018

OPEN THE BORDERS:

Existing-Home Sales Fade in December; 2017 Sales Up 1.1 Percent (Adam DeSanctis, January 24, 2018, National Association of Realtors)

Total housing inventory3 at the end of December dropped 11.4 percent to 1.48 million existing homes available for sale, and is now 10.3 percent lower than a year ago (1.65 million) and has fallen year-over-year for 31 consecutive months. Unsold inventory is at a 3.2-month supply at the current sales pace, which is down from 3.6 months a year ago and is the lowest level since NAR began tracking in 1999.

"The lack of supply over the past year has been eye-opening and is why, even with strong job creation pushing wages higher, home price gains - at 5.8 percent nationally in 2017 - doubled the pace of income growth and were even swifter in several markets," said Yun.

We're going to need to import an awful lot of labor to build the homes we need.

On the other hand, it's perfectly obvious that there was never a housing bubble.  

Posted by at January 25, 2018 3:39 PM

  

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