The National Association of Realtors is reporting that existing home sales were up 3.1% in January to a seasonally-adjusted annual rate of 4 million (down 1.7% year over year). Total housing inventory at the end of January was 1.01 million units, up 2% from December and up 3.1% from one year ago. Unsold inventory sits at a 3-month supply at the current sales rate with properties remaining on the market for around 36 days. The median existing-home price for all housing types in January was $379,100, up 5.1% from one year ago.
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand…Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.” Said NAR Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
