The National Association of Realtors is reporting that existing home sales were down 0.7% in January to a seasonally-adjusted annual rate of 4 million (down 36.9% year over year). Total housing inventory at the end of January was 980k units, up 2.1% from December but was up 15.3% from one year ago. Unsold inventory sits at a 2.9-month supply at the current sales rate with properties remaining on the market for around 33 days. The median existing-home price for all housing types in January was $359k, up 1.3% from one year ago. The NAR said that December marks 131 consecutive months of year-over-year increases – once again, it continues to be the longest-running streak on record.
“Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines…Inventory remains low, but buyers are beginning to have better negotiating power,” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.