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 January 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.