They are right on. Consistently I have seen a 34% rise in my local market of Tampa Bay.

Who do they suprise?
Mortgage rate up, mortgage rate down....
Look, this whole thing is a game. People need to remember the data is from transactions of a few months behind.
How many seasoned realtors are buying houses at the advertized prices...NADA

What nonsense !! The existing home sales are a leading indicator since they are based on sales made 2-3 months back. The new home sales is more of a leading indicator.

To correct --- existing home sales are a trailing indicator, new home sales a leading indicator.

The market will continue to see strong home sales and rising prices for some time to come.

You only have to look at the housing markets in many other western countries, which are ahead of the US, who have seen property booms continue, until prices have averaged around 5 times income on a national level.

The median house prices in the US are probably around 5 times median income now.

The US has a population density far below most other Western countries, too (except Canada and Australia) so housing prices are not necessarily moving in locksteps. And FWIW, the British market has falled for at least a year now.

John:

Are you talking about England, where the housing market has been in tatters for over a year? Or Austrailia, where housing prices have dropped 16% in the past year in Sydney alone?

I'm not sure how this relates to the local income levels, but it's just a matter of time before overseas troubles hit our shores. They always do.

You only have to look at the housing markets in many other western countries, which are ahead of the US, who have seen property booms continue, until prices have averaged around 5 times income on a national level.

Mortgage rate up, mortgage rate down....
Look, this whole thing is a game. People need to remember the data is from transactions of a few months behind.
How many seasoned realtors are buying houses at the advertized prices

Who do they suprise?