Housing Activity Ramping Up in January
Housing activity is slowly gearing up this January following a record end to 2020. All index components but home price growth remained below the pre-holiday pace, but buyer and seller activity improved from the previous week (Realtor)
Median listing prices grew at 15.0 percent over last year, notching 23 consecutive weeks of double-digit price growth…New listings continue to fall behind the year ago pace–registering 22 percent lower this week…Total active inventory continues to decline, dropping 43 percent. A greater decline in overall inventory than in new listings suggest that buyers remain more active in the housing market than sellers. Time on market was 9 days faster than last year. Although the gap is shrinking, homes are still selling faster than they did in January 2020. In other words, buyers have the advantage of lower mortgage rates this year, but they’ll need to make a quick decision when they find a home they like.