Existing Home Sales Down 1.3% in January

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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.”

Click here to read the full release at the National Association of Realtors.

 

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Director of Education & Outreach, National Real Estate Investors Association

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