INFO THAT HITS US WHERE WE LIVE ...

INFO THAT HITS US WHERE WE LIVE ... The founder of the world's largest retailer would have preferred to see higher expectations in the latest Pending Home Sales Index. This National Association of Realtors (NAR) measure of contracts signed on existing homes declined 2.8% in January, indicating we should expect fewer closings on these homes a couple of months out. But Pending Home Sales are still ahead of where they were a year ago. And actual existing home sales are forecast to reach 5.57 million this year, up 2.2% from 2016, with the median home price up 4%. Last year saw these sales grow 3.8%, with prices up 5.1%.

There is concern about the shortage of listings in many areas, which is edging up home prices. Indeed, the latest Case-Shiller Home Price Index reported a 5.8% annual increase in December, a 30-month high. Yet the Index Committee's Chair pointed out: "Looking at real or inflation-adjusted home prices...the annual increase in home prices is currently 3.8%." His conclusion? "Home prices are rising, but the speed is not alarming." And demand is there. The NAR chief economist explained that as households grow more confident in their personal finances and job growth continues throughout the country, home sales increase across the country.