The National Association of Realtors reported that existing home sales were down 3.2% in January, to a seasonally adjusted annual rate of 5.38 million. The median existing-home price for all housing types in December was $240,500, up 5.8% from January 2017 and marking the 71st straight month of year-over-year gains. Inventory at the end of January was up 4.1% 1.52 million homes for sale, representing a 3.4-month supply at the current pace.
“The utter lack of sufficient housing supply and its influence on higher home prices muted overall sales activity in much of the U.S. last month,” said Lawrence Yun, the NAR’s Chief Economist.
Click here to read the full release at the National Association of Realtors.
