A few key points:
1) Existing home sales were up 10.8% year-over-year (YoY) in December. This was the sixth consecutive month with a YoY increase – following 16 consecutive months with a YoY decrease in sales.
2) Inventory is very low, and was down 8.5% year-over-year (YoY) in December. Inventory always decreases sharply in December as people take their homes off the market for the holidays. However, based on the data I’ve collected, this was the lowest level for inventory in at least three decades (the previous low was 1.43 million in December 1993).