Existing home sales were up 0.4 percent in January to a 5.47 million annualized rate. Amazingly January was able to hold on to most of December’s huge gains. Year-on-year sales growth is at 11.0 percent. The single-family component rose 1.0 percent to 4.86 million for a year-over-year gain of 11.2 percent. Condos came in at 610,000, down 4.7 percent, for a year-over-year gain of 8.9 percent.
Looking at the chart of Existing Home Sales, it’s sloppy and choppy, but it is slowly grinding higher within a precarious uptrend.