Existing home sales were just released and they were 4.620 Million at an annual seasonally adjusted rate. This is 3.4% above last month and 10.0% above last year. Existing Home Sales are now 36.3%above the lows of 3.390 Million reached in July of 2010 just after the Home Buyer Tax Credit expired.
Existing Home Sales are important indicator of the vigor of the U.S. Economy. When Existing Home Sales are consistently above 5 Million units per year - with very few REO and Short Sales - then we will know that the Housing Market is fully back to normal. Unfortunately, I don't expect a full recovery to be complete for almost another decade. Until then, expect the Housing Market to continue to make slow, positive steps every year as the market works through the Millions of excess homes built during the Housing Bubble.
Existing Home Sales are important indicator of the vigor of the U.S. Economy. When Existing Home Sales are consistently above 5 Million units per year - with very few REO and Short Sales - then we will know that the Housing Market is fully back to normal. Unfortunately, I don't expect a full recovery to be complete for almost another decade. Until then, expect the Housing Market to continue to make slow, positive steps every year as the market works through the Millions of excess homes built during the Housing Bubble.
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