We just got another sign the housing market is on fire.
On Wednesday, we learned that existing home sales jumped to the fastest pace since February 2007.
Sales rose 3.2% month-over-month to an annualized pace of 5.49 million.
Economists had forecast a rise of 0.9% to an annualized pace of 5.40 million.
In the release from the National Association of Realtors, Lawrence Yun noted that the past two months were the strongest for sales since early 2007.
“This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy,” Yun said.
Ian Shepherdson, chief US economist at Pantheon Macroeconomics, said in a note out after the report, “In one line: strong across the board.”
But this isn’t the first sign the housing market is roaring back. On Friday we got housing data that posted eight-year highs from the Census Bureau, showing that housing starts rose 9.8% to an annualized pace of 1.174 million, the highest since July 2007.
Building permits, which point to the pace of future construction, rose 7.4% to an annualized pace of 1.343 million.