The National Association of Realtors is reporting that existing home sales were down 1.3% in January which the Realtors say continues a fluctuating pattern of monthly increases and declines. However, like last month, existing home sales were up 9.6% year-over-year. Total housing inventory at the end of January was 1.42 million units, up 2.2% from December and down 10.7% from one year ago. Total unsold inventory was at a 3.1-month supply (the lowest since 1999) at the current sales pace with properties remaining on the market for around 43 days. The median existing-home price for all housing types was $266,300, up 6.8% from January, 2019.
Lawrence Yun, NAR’s chief economist, finds the outlook for 2020 home sales promising despite the drop in January. “Existing-home sales are off to a strong start at 5.46 million.” Yun said. “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales.”