Look, I know that it has been unseasonably cool lately but if anyone in Scottsdale complains to you please show them this picture of one of my For Sale signs at this time last year:
- Inventory still very low
- Prices continue to rise
- Number of contracts accepted still unusually low
- In December, the National Association of Home Builders confidence index hit its highest level since 1999. Builders are clearly more optimistic, as mortgage rates dropped while wages are now growing near the fastest pace in a decade.
- More evidence of builder confidence was seen in Housing Starts, 13.6% ahead of a year ago. The three-month average of single-family starts reached a post-recession high, along with total and single-family permits.
- Tom Ruff from The Information Market said: This is the 5th time in 18 years of data reporting that a December has claimed the highest median sales price for the year. STAT is projecting a median sales price of $287,900 which will surpass the June high of $285,000. Why is this important? In the past, strong pricing gains in December create strong price momentum as we move into our “home buying season” which takes off in March.”