Hot Housing

February pending home sales surprised, rising 5.5% M-o-M, and are at their highest reading since 5/06, while house prices rose a strong 5.7% during the three months ending 1/17. Moreover, February new home sales were 592,000 seasonally adjusted, their second-best level since 2/08, and February housing starts hit 1.288 million seasonally adjusted, their second highest level since 8/07. While excellent, unusually warm February weather surely contributed to these strong numbers.