“Investors may be missing a major change” for the better in the housing market as they focus on Europe, China and unemployment, according to Tobias Levkovich, Citigroup Inc.’s chief U.S. equity strategist.
Bloomberg’s David Wilson reported today on the way that Levkovich reached his conclusion: by tracking year-to-year percentage moves in the median price for single-family home resales, as compiled by the National Association of Realtors.
The results, as charted above, are remarkable.
April’s increase in the median price exceeded March’s figure by 7.6 percentage points, the steepest month-to-month climb since the association started collecting data in 1969, Wilson reports. The 10.4 percent advance for the latest month was the biggest since December 2005, when the U.S. was in the midst of a housing boom.
“The price rebound has been startling,” Levkovich wrote in a report featuring a similar chart. “One should not dismiss this remarkable turn of events.”