NAR Reports Home Sales Stronger Than Expected

Although NAR reported this morning that Sep 2010 existing home sales posted a stronger-than-expected 10.0% month-over-month increase (a 4.0% increase was all that was anticipated), existing home sales are still below last year’s levels.  Job growth is the fundamental driver of housing demand, and job growth is expected 4th quarter of 2010, getting stronger in mid-2011.