U.S. Existing Homes Sales Rose 12.3% In December
(For December 2010)
Sales of existing homes in U.S. rose 12.3% to 5.28 million units SAAR. Consensus was at 4.87 million.
Chart 1. U.S. Existing Home Sales
Total housing inventory is at 3.6 million units down from 3.7 million in November. Months supply fell from 9.5 to 8.1 months.
Chart 2. U.S. Existing Home Sales Inventory & U.S. Existing Home Sales Months Supply SAAR
The million dollar question here is the size of shadow inventory. Looking only at this data one could conclude that U.S. housing is recovering.
Existing Home Sales, Existing Home Sales Inventory, Existing Home Sales Months Supply