Looks like the gloom and doom Housing bubble people got it wrong again. Existing-home sales hit a record high in April.
According to the National Association of RealtorsÃ‚ ®. Single-family home sales rose 4.5 percent in April to a record seasonally adjusted annual rate of 6.28 million from a level of 6.01 million in March. Last month’s sales activity was 5.0 percent above the 5.98 million-unit pace in April 2004. The median single-family home price was $203,800 in April, up 15.1 percent from a year earlier.
The gloom and doomers have been predicting a housing bubble so often and for so many months that even a broken clock has been correct more often and these market pundits.
Existing Home Sales Data can be seen here.
As for those regional bubbles that they talk about:
Regionally, the home resale pace in the South jumped 7.4 percent from March to a record annual rate of 2.74 million units in April, and was 8.3 percent higher than a year ago
Total existing-home sales in the Midwest rose 5.8 percent to a record annual rate of 1.64 million in April, and were 3.8 percent above April 2004.
Existing-home sales in the Northeast increased 4.3 percent to a record annual pace of 1.20 million units in April, and were 7.1 percent above the level of a year ago.
Existing-home sales in the West held even at an annual rate of 1.61 million units in April, and were 2.5 percent higher than April 2004.
One would think that eventually there will be a slow down or correction, but the people that have predicted the market bubble have been discredited time and time again. As I refer to them as the “Boy who cried market bubble.”
The US housing market, he said, was also showing signs of a bubble, marked by high prices and speculative demand.
Hat Tip: Jayson at PoliPundit