Existing Home Sales Jump In January
Home sales defied the odds in January with an increase to a seasonally-adjusted annual rate of 6.69 million according to the National Association of Realtors (NAR)
– M-O-M: Total existing-home sales increased 0.6% month-over-month
– Y-O-Y: Total existing-home sales increased 23.7% year-over-year
Inventory continues to be a problem. Housing inventory in December was down 25.7% from one year ago which, of course, is pushing housing prices up. The median existing-home price was up 14.1% year-over-year to $303,900. Lawrence Yun, NAR’s chief economist, said in a statement, “Sales easily could have been even 20% higher if there had been more inventory and more choices.”
- When a house did hit the market it sold quickly. Properties typically remained on the market for 21 days a massive drop from January 2020 when it was 43 days.
Regionally, home sales and prices were mixed. The South, however, did see the most growth in both categories. With home sales jumping 25.1% annually and prices up 14.6% to a median price of $263,300. The South also saw the biggest month-over-month gains in home sales with a 3.2% increase.