Home sales have increased 15% over the past year -- while at the same time, inventory levels have dropped 31%.  This has left me with at least some lingering concerns about whether extraordinarily low inventory levels could limit the pace of home sales in 2017.

So far, my concerns are unfounded.  As shown above, when examining January 1 through February 24 home sales, there has not been a noticeable change in the pace of home sales.

Stay tuned to see how these dynamics continue to adjust as we progress through the year.