National Association of Realtors reveals new figures
Existing home sales saw an increase in January by 3.1%, according to the findings of the National Association of Realtors (NAR).
The organization found that within the four major regions in the US, sales saw an acceleration within the Midwest, South, and West markets. Meanwhile, the Northeast market remained steady. Compared to a year ago, sales improved in the West while they decreased in the Northeast, Midwest, and South.
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” said Lawrence Yun, NAR’s chief economist.
“Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year,” he added.
The total number of existing home sales increased 3.1% from the month prior to a seasonally adjusted annual rate of four million in January. The number was a year-over-year decrease by 1.7%.
Meanwhile, total housing inventory registered by the end of January held up at 1.01 million units, which was a 2% month-over-month increase and a 3.1% year-over-year increase. However, the unsold inventory was at a three-month supply at the current sales pace, which was down from the 3.1 months seen in December.
In January, the median price for existing homes was at $379,100 for all types of houses. This was a 5.1% increase year-over-year with all four regions in the US seeing increases in prices.
“Multiple offers are common on mid-priced homes, and many homes were still sold within a month. The elevated share of cash deals – 32% – indicated a market full of multiple offers and propelled by record-high housing wealth,” said Yun.
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