By the miracle of NAR extrapolation and seasonal adjustment, the SAAR Existing Home Sales data just printed 5.59mm units - the highest since Feb 2007. Sales were dominated by increases in The West and The South with The Northeast falling. We have two questions for NAR - where are the buyers coming from... and how long is this sustainable?
What's wrong with this picture?
Some other data from the NAR: median prices.
Where the sales were:
Months of Supply
What were the prevailing home prices:
And sales change by price bucket:
In other words, a whole of all-cash purchases in... the South. Sure. And for more comedy here is a brief history of the NAR's spin, fabrication and outright manipulation of all housing data it can get its hands on.