The National Association of Realtors is reporting that existing home sales were up 6.7% in January to a seasonally-adjusted annual rate of 6.50 million (down 2.3% from one year ago). Total housing inventory at the end of January was 860k units, down 16.5% from one year ago. Unsold inventory sits at a 1.6-month supply at the current sales rate with properties remaining on the market for around 19 days. The median existing-home price for all housing types in January was $350,300, which was up 15.4% from one year ago. The NAR says this marks 119 consecutive months of year-over-year increases, the longest-running streak on record.
“Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers…Consequently, housing prices continue to move solidly higher.” Said Lawrence Yun, NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.
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