The National Association of Realtors is reporting that existing home sales were down 4.9% in January to a seasonally-adjusted annual rate of 4.08 million – up 2% year over year. Total housing inventory at the end of January was 1.18 million units, up 3.5% from December and up 16.8% from one year ago. Unsold inventory sits at a 3.5-month supply at the current sales rate with properties remaining on the market for around 41 days. The median existing-home price for all housing types in January was $396,900.
“Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve…When combined with elevated home prices, housing affordability remains a major challenge.” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the NAR.
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