Existing-home sales rise in January
Existing-home demonstrated growth in January, the National Association of Realtors reported this morning.
Total existing-home sales increased 3.1% from December 2023 to a to a seasonally adjusted annual rate of 4 million in January. Year-over-year, sales slipped 1.7%, down from 4.07 million in January 2023.
Combined existing-home sales include completed transactions for single-family homes, townhomes, condominiums, and co-ops.
Single-family home sales moved higher to a seasonally adjusted annual rate of 3.6 million in January, up 3.4% from 3.48 million in December but down 1.4% from the prior year.
“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 NAR Chief Economist Lawrence Yun. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”
The NAR said total housing inventory at the end of January was 1.01 million units, up 2% from December and 3.1% from one year ago (980,000). Unsold inventory sits at a 3-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.
The median existing-home price for all housing types in January was $379,100, an increase of 5.1% from one year ago and a median price of $360,800.
The median existing single-family home price was $383,500 in January, up 5% from January 2023.
“The median home price reached an all-time high for the month of January,” Yun added. “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.”
Freddie Mac reports that the 30-year fixed-rate mortgage averaged 6.77% as of Feb. 15. That’s up from 6.64% the previous week and 6.32% one year ago.
Here’s how existing-home sales break down by region:
At 480,000 units, existing-home sales in the Northeast were unchanged from December but down 5.9% from January 2023. The median price in the Northeast was $434,300, up 10.1% from the prior year.
In the Midwest, existing-home sales increased 2.2% from one month ago to an annual rate of 950,000 in January, down 3.1% from last year. The median price in the Midwest was $271,700, up 7.6% from January 2023.
Existing-home sales in the South rose 4% from December to an annual rate of 1.84 million in January, a decline of 1.6% from the previous year. The median price in the South was $345,100, up 4.1% from one year ago.
In the West, existing-home sales elevated 4.3% from a month ago to an annual rate of 730,000 in January and grew 2.8% from one year earlier. The median price in the West was $572,100, up 6.3% from January 2003.
