The tightening balance between supply and demand is certainly reflected in rising home prices. The median price of existing single-family homes is up 12.6% y/y through January, the most since the fall of 2005. Nevertheless, the 12-month average of this price was still 21% below its record high during July 2006.
Today's Morning Briefing: Home on the Range. (1) Frustrated in Rhode Island. (2) Italians elect to be dysfunctional. (3) Draghi’s pledge was conditional. (4) Bond Vigilantes will now do whatever it takes. (5) Back home, housing is looking better and better. (6) A housing shortage? (7) Rising home prices reduce negative equity. (8) Homeowners’ equity rising faster than prices. (9) Building opportunities for construction workers. (10) Good for confidence. (11) More upside for housing-related stocks. (More for subscribers.)