2015 Housing Outlook: Lower Inventory Sets Stage For Higher Prices

Existing home sales rose 2.4% in December to 5.04 million, according to the National Association of Realtors. This was in line with analyst expectations, but what does the data tell us about the housing market during the first half of 2015, especially the busy spring and summer months? TheStreet's Scott Gamm speaks with Lawrence Yun, chief economist at the National Association of Realtors for analysis on the latest existing home sales numbers, a preview of what to expect in the housing market over the next several months and why first-time home buyers and millennials could finally catch a break when it comes to housing.