In 1/18, sales of existing houses came in at a seasonally-adjusted annual rate of 5.38 million. That’s 3.2% lower than 12/17 and 4.8% lower than 1/17, the steepest Y-o-Y decline since 8/14. Y-o-Y inventory declined for the 32^nd straight month, and at 1.52 million, is the lowest January level since record keeping started in 1999. Add a good job market and favorable demographics and the market will remain tight.